NIfty weekly analysis for 22/08/22
Nifty on weekly time frame, has formed a gravestone doji. It has formed a double top near the resistance zone.
A perfect bearish engulfing candle is formed on daily time and it has engulfed last 3 days candles.
The market has been in green for last 4 weeks and a retracement is pending.
Nifty on the hourly time frame has started trading below its 20 DMA and closed below it.
On 15 minute chart analysis, market has respected the 200 ema and is trading between 20 and 200 ema.
Support :- 17710, 17634, 17540
Resistance :- 17830, 17960
Wait for the price action near the levels before entering the markets
A perfect bearish engulfing candle is formed on daily time and it has engulfed last 3 days candles.
The market has been in green for last 4 weeks and a retracement is pending.
Nifty on the hourly time frame has started trading below its 20 DMA and closed below it.
On 15 minute chart analysis, market has respected the 200 ema and is trading between 20 and 200 ema.
Support :- 17710, 17634, 17540
Resistance :- 17830, 17960
Wait for the price action near the levels before entering the markets
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