Nifty weekly analysis for 20/02/23.
Nifty on the weekly time frame has formed another doji and took rejection from 50% fibonacci level. The market crossed the 18k levels but couldn't sustain above the levels and closed near 17950 levels.
The market has closed above the 20 ema on weekly charts and it taking support form an inclined trend line.
The market has retested the daily 20 ema and formed a doji after taking support from the moving average.
On the hourly charts, the market took support from the 200 ema and closed between both the moving averages.
The market is trading in small range and no clear trend is there. If the market starts trading below 20 DMA, it will come to test the 200 Dma.
Support :- 17880, 17800
Resistance :- 17975, 18120
Bearish trades can be initiated once the start trading below 17800 levels.
Wait for the price action near the levels before entering the markets.
The market has closed above the 20 ema on weekly charts and it taking support form an inclined trend line.
The market has retested the daily 20 ema and formed a doji after taking support from the moving average.
On the hourly charts, the market took support from the 200 ema and closed between both the moving averages.
The market is trading in small range and no clear trend is there. If the market starts trading below 20 DMA, it will come to test the 200 Dma.
Support :- 17880, 17800
Resistance :- 17975, 18120
Bearish trades can be initiated once the start trading below 17800 levels.
Wait for the price action near the levels before entering the markets.
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