Nifty weekly analysis for 24/07/23.
Nifty after the IT sector result was dragged 230 points lower losing 1.17% and forming a long upper wick on the weekly charts.
On the daily fibonacci retracement, market took support around 38.2% levels and has respected it quite well. The market are in a bullish move and the retracement is also necesary for another leg.
The bullish trend is technically correct and higher high higher low forming is also going on.
RSI indicator, on the hourly charts, show some weakness in the strenght and there are chances of market retesting 50 to 61.8% fib levels as there is a bearish divergence in the indicator.
The market has closed below 20 EMA, on the hourly charts, and traded whole day below it.
Support :- 19730, 19635, 19570
Resistance :- 19840, 19993(ATH)
A good bull market is going on. This is the 4th leg of the up move and chance are that the market can go for a sideways movemove or a short term bear phase before any up move.
Wait for the price action near the levels before entering the market.
On the daily fibonacci retracement, market took support around 38.2% levels and has respected it quite well. The market are in a bullish move and the retracement is also necesary for another leg.
The bullish trend is technically correct and higher high higher low forming is also going on.
RSI indicator, on the hourly charts, show some weakness in the strenght and there are chances of market retesting 50 to 61.8% fib levels as there is a bearish divergence in the indicator.
The market has closed below 20 EMA, on the hourly charts, and traded whole day below it.
Support :- 19730, 19635, 19570
Resistance :- 19840, 19993(ATH)
A good bull market is going on. This is the 4th leg of the up move and chance are that the market can go for a sideways movemove or a short term bear phase before any up move.
Wait for the price action near the levels before entering the market.
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