Nifty weekly analysis for 18/03/24.
Diupdate
Nifty has given a 2% fall in a week and closed above 22k levels after testing 21900 levels.
It consolidated around the higher level and gave a fall, there is a probability of it continuing the fall.
If there is a gap down opening and a retest of the current support level of 21900, a bearish trade can be initiated after a negative price action around it.
In case of a gap up, wait for a W pattern formation and enter only when the neck line is crossed and sustained.
For last 2 trading session, nifty is forming an inside candle and is consolidating. The break out/down can give good movement.
Major support levels :- 21900, 21780, 21580
Nifty is trading below the 20 ema (daily) and is sustaing below it. The consolidation range is between the horizontal support and 20 ema as a resistance.
There is a break down of a trendline and the retest is also done in nifty which adds on for a confirmation on the bearish side.
Resistance levels :- 22100, 22190
Wait for the price action near the levels before entering the market.
Catatan
Nifty remained in a range while respecting the support and resistance zone.
If there is a break out/down, chance of trend move can be seen in the market.
It has tested the support zone for many times and is closing above 22k levels, which signifies the bullishness in the market.
The support and resistance levels are the same as before.
Trade according to the setup confirmation and watch the price action near the levesl before entering the market.
Catatan
Again a flat closing on the daily charts. Intraday trading has been difficult this week as the market is volatile and doji formation is there on the daily charts.
Now the market is in No trading zone and gap up/gap down are taking major chunk of the movement.
There is an indecision in the market and trend following giving any entry as it is reversing the very next candle after the movement.
Major support levels :- 21960, 21860
Resistance levels :- 22090, 22180
Wait for the follow through of the movement and confirm the price action before entering the market.
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