Nifty daily analysis for 12/05/23
Nifty on the daily time frame has formed a negative candle and consolidated whole after the initial hourly candle.
Market have overstretched and is consolidating on higher levels. If the market sustains and gives a break out new highs can be seen, else market will debacle to test lower levels.
The market, on the hourly time frame, has closed near 20 ema and sustaining above it. Hourly MA strategy may give a confirm entry for big targets.
Support:- 18300, 18220
Resistance:- 18340, 18400
It’s good to see markets are holding on the higher levels and consolidating. Either side momentum can be there as market has consolidated today.
Wait for the price action near the levels before trading the markets.
Market have overstretched and is consolidating on higher levels. If the market sustains and gives a break out new highs can be seen, else market will debacle to test lower levels.
The market, on the hourly time frame, has closed near 20 ema and sustaining above it. Hourly MA strategy may give a confirm entry for big targets.
Support:- 18300, 18220
Resistance:- 18340, 18400
It’s good to see markets are holding on the higher levels and consolidating. Either side momentum can be there as market has consolidated today.
Wait for the price action near the levels before trading the markets.
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