Nifty daily analysis for 20/01/23.
Being weekly expiry the market remained sideways and there was option premium decay.
The market has formed a doji and an inside candle on the daily time frame. It took support from the 20 ema and closed losing 50 points.
In the second half the market consolidated and constantly tested the 200 ema of hourly charts and closed between both the moving averages.
There was a break down of the consolidation zone. Trades initiated in last hour after the break out has give losses.
On 15 minutes chart, the market has closed below the 20 ema.
Support :- 18080, 18030
Resistance :- 18100, 18145
The two days sideways market during the second half is giving signal of a trending market in the coming days.
Wait for the price action near the levels before entering the market.
The market has formed a doji and an inside candle on the daily time frame. It took support from the 20 ema and closed losing 50 points.
In the second half the market consolidated and constantly tested the 200 ema of hourly charts and closed between both the moving averages.
There was a break down of the consolidation zone. Trades initiated in last hour after the break out has give losses.
On 15 minutes chart, the market has closed below the 20 ema.
Support :- 18080, 18030
Resistance :- 18100, 18145
The two days sideways market during the second half is giving signal of a trending market in the coming days.
Wait for the price action near the levels before entering the market.
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