Nifty daily analysis for 05/12/22.
Nifty in this week has created a new ATH and closed near 18700 levels.
The market has givena nice bullish move and has gained 1% in this week.
The market has touched higher highs and has closed above the 38.2% fib level on the daily time frame.
There was a sell off in the market in the first half and recover in the second half losing 115 points on day closing.
On the hourly time frame, the market has closed below the 20 ema.
Market have given a bullish closing, recovering in the second half of the session.
Support :- 18640, 18550, 18450
Resistance:- 18700, 18780, 18850
The market are in a bullish move and this is a retest before another leg of up move.
For last 7 weeks, nifty has closed 6 times in green. The market can retest 18k levels on higher time frame before another up move.
Wait for the price action near the levels before entering the market.
The market has givena nice bullish move and has gained 1% in this week.
The market has touched higher highs and has closed above the 38.2% fib level on the daily time frame.
There was a sell off in the market in the first half and recover in the second half losing 115 points on day closing.
On the hourly time frame, the market has closed below the 20 ema.
Market have given a bullish closing, recovering in the second half of the session.
Support :- 18640, 18550, 18450
Resistance:- 18700, 18780, 18850
The market are in a bullish move and this is a retest before another leg of up move.
For last 7 weeks, nifty has closed 6 times in green. The market can retest 18k levels on higher time frame before another up move.
Wait for the price action near the levels before entering the market.
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