Nifty Analysis:17-05-2023
I divide this analysis into two. The first one is Reliance Industries and the next one is Nifty.
a) As discussed yesterday, RIL has broken its crucial support 2438 level. In the 30-minute chart, RIL is controlled by 200ema. If the same continues for tomorrow (18-05-2023), then the next support will be the 2383 level. Further, it will reflect in nifty too.
b) Today nifty reached the 18140 level and hence it took support there as we discussed earlier. Still, weakness is there. In the chart, the trend line is drawn in yellow color, if it controls tomorrow's market then the nifty will get down to the major support 18052 level.
I divide this analysis into two. The first one is Reliance Industries and the next one is Nifty.
a) As discussed yesterday, RIL has broken its crucial support 2438 level. In the 30-minute chart, RIL is controlled by 200ema. If the same continues for tomorrow (18-05-2023), then the next support will be the 2383 level. Further, it will reflect in nifty too.
b) Today nifty reached the 18140 level and hence it took support there as we discussed earlier. Still, weakness is there. In the chart, the trend line is drawn in yellow color, if it controls tomorrow's market then the nifty will get down to the major support 18052 level.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.