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Nifty daily analysis for 06/10/22.Nifty after the initial gap up remained silent and moved slowly gaining around 400 points. The market has crossed and closed above the 17270 level. On the hourly time frame, the index opened above the 20 ema and remained between both the emas. There is a bullish moving average cross over on a 15 minute time frame. Support :- 16840, 16750, 16650 Resistance :- 16920, 16990-17000 The gap ups/downs are not giving much opportunity for the trend follower as there is no clear trend. Wait and watch the price action near the levels before trading the market.
NSE:NIFTY
by TheMamboMomentum
Nifty daily analysis for 04/10/22Nifty on the daily time frame has given a negative candle and has closed 200 points lower. The market has taken support from its 200 DMA and has closed near the level. On the hourly time frame, the market remained for selling. Though, the market tried to hold the 17000 level, but in the second half a huge sell off broke the level and even traded below the 20 ema. The market has formed an inside candle and closed below both the moving averages. Support :- 16840, 16770, 16650 Resistance:- 17000, 17065 As predicted the markets are still in a bearish territory and couldn't hold above the 17000 level. Wait for the price action near the price level before entering the markets.
NSE:NIFTY
by TheMamboMomentum