Nifty daily analysis for 01/02/23.
Nifty has given a nice closing near the resistance zone of 17680 giving a dragon fly doji on daily close.
Tomorrow is Union Budget and there will be volatility. Market can give both side move once the union budget is over. Watch for a price action around 11:30-12:00 and trade accordingly.
On the hourly time frame, the market remained in the first hour candle and closed above the 20 ema.
There is a inverted head and shoulder pattern on 15 minutes chart. If the market opens flat and crossed above the resistance zone nice target can be achieved.
Support :- 17545, 17425
Resistance :- 17800, 17945
Wait for the price action near the price level before entering the market.
Tomorrow is Union Budget and there will be volatility. Market can give both side move once the union budget is over. Watch for a price action around 11:30-12:00 and trade accordingly.
On the hourly time frame, the market remained in the first hour candle and closed above the 20 ema.
There is a inverted head and shoulder pattern on 15 minutes chart. If the market opens flat and crossed above the resistance zone nice target can be achieved.
Support :- 17545, 17425
Resistance :- 17800, 17945
Wait for the price action near the price level before entering the market.
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