NIFTY GANN ANALYSIS FOR WEEKLY EXPIRY 23 MAY 2024
Nifty has started this weekly expiry with a low of 22345 and never looked back. It has hit an weekly high yesterday at 22629. So nearly a rise of 300 points is seen on the index. Previous week high at 22520 was crossed on Tuesday at 11:15 candle and we hit high of 22591 at 12:45 candle. A gain of 70 points intraday within 2 hours a decent intraday future and option trade. Again yesterday we made an low below 22500 after opening gap up at 22576. Another opportunity to go long above 22520 and intraday high hit was 22629. Another execellent opportunity intraday for future and option traders.
The level of 22617 was important yesterday and called death zone and we needed a close above of it to make an attempt to go further. We closed at 22597.80 just below 22600. We have a cluster support of 22587 and 22581 and below it trend decider level at 22563. We will be in dowtrend below 22563. Another cluster support comes in at 22545 and 22539. If this is broken we may take support at 22509. Big level of Nifty is 22500 for major trend to be positive.
Happy Trading !!!
The level of 22617 was important yesterday and called death zone and we needed a close above of it to make an attempt to go further. We closed at 22597.80 just below 22600. We have a cluster support of 22587 and 22581 and below it trend decider level at 22563. We will be in dowtrend below 22563. Another cluster support comes in at 22545 and 22539. If this is broken we may take support at 22509. Big level of Nifty is 22500 for major trend to be positive.
Happy Trading !!!
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