Nifty daily analysis for 31/01/23.
Nifty has given a doji candle taking support from the 200 ema and has closed 40 point above.
The market remained volatile and after a gap down regained touching 17700 levels and gain fell breaking the morning low but closed near the higher levels.
On the hourly charts, the market has consolidated in the first half and gave both side move in the second half just decaying the option premiums.
The market is still holding the 17400 level and has given nice movement after touching the level. There is a double top formation and the market has closed near the top.
On 15 minutes chart, nifty closed between both the moving averages. It crossed the moving average in the second half and sustained there.
support :- 17545, 17425
Resistance :- 17680, 17800
Day after tomorrow is the Union budget and market can remain volatile. So avoid swing and positional trades.
Wait for the price action near th price level before entering the markets.
The market remained volatile and after a gap down regained touching 17700 levels and gain fell breaking the morning low but closed near the higher levels.
On the hourly charts, the market has consolidated in the first half and gave both side move in the second half just decaying the option premiums.
The market is still holding the 17400 level and has given nice movement after touching the level. There is a double top formation and the market has closed near the top.
On 15 minutes chart, nifty closed between both the moving averages. It crossed the moving average in the second half and sustained there.
support :- 17545, 17425
Resistance :- 17680, 17800
Day after tomorrow is the Union budget and market can remain volatile. So avoid swing and positional trades.
Wait for the price action near th price level before entering the markets.
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