Nifty daily analysis for 27/10/22.
Nifty on the daily time frame has formed a bearish engulfing candle and the gap created on muhurat trading was filled perfectly.
The market opened gap up and there was a sell off from the first hour of the trading session.
On the hourly time frame, market has closed just above the 20 ema and lost around 50 points during the last hour trading hour.
Nifty has respected the level of 17700 and there was a nice rejection from the level.
It has closed between both the moving averages, on 15 minute time frame.
Support :- 17625, 17585, 17525
Resistance:- 17660, 17710, 17800
Nifty has retested today after a nice up move during the last week. The global sentiments are also positive.
Short range supports are there for nifty and it can reverse from the supports.
Wait for the price action near the levels before entering the market.
The market opened gap up and there was a sell off from the first hour of the trading session.
On the hourly time frame, market has closed just above the 20 ema and lost around 50 points during the last hour trading hour.
Nifty has respected the level of 17700 and there was a nice rejection from the level.
It has closed between both the moving averages, on 15 minute time frame.
Support :- 17625, 17585, 17525
Resistance:- 17660, 17710, 17800
Nifty has retested today after a nice up move during the last week. The global sentiments are also positive.
Short range supports are there for nifty and it can reverse from the supports.
Wait for the price action near the levels before entering the market.
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