Nifty daily analysis for 08/08/23.
Nifty has formed a doji and trade whole day in a range of 100 points.
The market is following a rising wedge channel and today has given closing above 20 ema.
On the hourly chart, it has closed above both the moving averages.
There seems no opportunity for option buyer. Market opened gap up and remained volatile.
Fight between buyer and seller couldn't take market anywhere and it closed only 80 points higher.
On 15 minute chart, nifty took support from 20 ema and in the second half after crossing 200 ema took support from the level. Both the moving averages are close enough.
Support :- 19535, 19420
Resistance :- 19600, 19720
Nifty struggled to cross 19600 levels today and closed below it. The market is giving gap up opening and not giving much opportunity to option buyer on intraday basis.
Wait for the price action near the levels before entering the market.
The market is following a rising wedge channel and today has given closing above 20 ema.
On the hourly chart, it has closed above both the moving averages.
There seems no opportunity for option buyer. Market opened gap up and remained volatile.
Fight between buyer and seller couldn't take market anywhere and it closed only 80 points higher.
On 15 minute chart, nifty took support from 20 ema and in the second half after crossing 200 ema took support from the level. Both the moving averages are close enough.
Support :- 19535, 19420
Resistance :- 19600, 19720
Nifty struggled to cross 19600 levels today and closed below it. The market is giving gap up opening and not giving much opportunity to option buyer on intraday basis.
Wait for the price action near the levels before entering the market.
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