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Niftyhourly

Nifty Trapped between strong support and strong resistance zonesNifty is trapped between strong support and strong resistance zones right now. Resistance zone is between 18639 to 18667. Support zone is between 18561 to 18582. Other supports if this zone is broken will be near 18522, 18507 and 18415. If the Nifty breaks the upper side resistance of 18667 the next resistance levels will be at 18721, 18778 and finally 18887. Trend changes to negative below 18262 closing.
NSE:NIFTYLong
by Happy_Candles_Investment
1
50 and 200 Hours EMA proving to be major hurdles for Nifty. We have been seeing from 25th January 2023 that both 50 and 200 Hours EMA are not allowing Nifty to settle above it. Even if Nifty crosses below immediately. Currently the Nifty is below both 50 and 200 EMAs at 17770.9 indicating immense weakness and lack of confidence of retail investors. FIIs are also on the selling side. Only saving grace has been DIIs stepping in on every major fall to save the index. Nifty Supports : 17720, 17650, 17494 and finally 17352. 17352 is a critical level below which bears will be dominating the market. Nifty Resistances : Nifty has to overcome lot of resistance before we can see proper Bull Run in the market. Resistances on hourly chart are at 17794, 17893, 17916, 17975, 18113, 18202 and finally 18264. Bulls can take control of the market only after we have a weekly closing above 18264.
NSE:NIFTY
by Happy_Candles_Investment
Nifty Facing 200 Hours EMA as a strong resistance. As expected 200 hours EMA is proving to be a strong resistance for NIFTY. Unless Nifty can convincingly close above it further journey will be difficult. Tomorrow again Nifty might consolidate a bit later in the day Nifty might try to cross 200 hours EMA. let us see if that can sustain. Resistances For Nifty: 17910, 17974 and a very tough resistance thereafter near 18068. Supports for Nifty: 17810, 17765 (Strong support 50 hours EMA) and finally 17649.
NSE:NIFTY
by Happy_Candles_Investment