Nifty daily analysis for 12/10/22
Nifty on the daily time frame has formed a bearish engulfing candle. The markets opened flat and remained for selling whole day.
Nifty tried to recover after the initial fall but in the second half huge sell off was there.
On the hourly time frame, nifty took resistance from the 20 ema and a nice sell candle can be seen in the closing hour of the market.
In the first 15 minute candle, the market broke its 20 and 200 ema and took resistance from the levels. A bearish moving average cross over is also there.
The market has closed below the support level of 17k and another red candle can be there, if the market has decided its trend.
Support :- 16920, 16840,16750
Resistance:- 16990-17000, 17065, 17170
The market has clearly give an engulfing candle and as per the technicals it can be a signal of a bearish market.
Wait for the price action near the levels before entering the markets. Watch for the trend to continue for a swing/positional trades.
Nifty tried to recover after the initial fall but in the second half huge sell off was there.
On the hourly time frame, nifty took resistance from the 20 ema and a nice sell candle can be seen in the closing hour of the market.
In the first 15 minute candle, the market broke its 20 and 200 ema and took resistance from the levels. A bearish moving average cross over is also there.
The market has closed below the support level of 17k and another red candle can be there, if the market has decided its trend.
Support :- 16920, 16840,16750
Resistance:- 16990-17000, 17065, 17170
The market has clearly give an engulfing candle and as per the technicals it can be a signal of a bearish market.
Wait for the price action near the levels before entering the markets. Watch for the trend to continue for a swing/positional trades.
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