Nifty weekly analysis for 12/02/24.

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Nifty on the weekly charts is holding the higher levels. Still the index is looking confused about the tren.

It is respecting the daily 20 ema and a nice support is taking from it. A long legged doji is formed on the close and still above the moving averages.

There was a consolidation on the last trading day and chances of a trend move in the coming session is there.

Let markets decide whether it wants to go to form a higher level or retest the lower levels.

Major resistance is around the ATH of 22126 as it has reversed from it forming a double to pattern. A bearish trend will be confirmed by a daily candle close below the neck line forming a M pattern.

Support levels :- 21650, 21500, 21370

The market trend is still in confusion. Wait for either side move and take trading in the direction market move.

Major resistance levels :- 21810, 21875, 22000

Nifty has retested 50% fib level of the previous leg and if a bullish move is expected it should try to hit another ATH.

Positional and swing trader should take on with banknifty as there is a confusion in nifty as there is an inside candle on the weekly charts.

Wait for the price action near the levels before entering the market.

It has given a nice fall from the resistance level of 21800 and closed below the 20 ema on the daily charts.

The market was bearish from the morning and it closed 166 point lower.

On the hourly charts, it has closed around 200 ema which it has been respecting. If the level is broken and sustained next support level will be tested.

A bearish engulfing candle is also showing some negativity as weekly and daily low are breached.

In case of a gap up opening, there will be confusion and trading will be avoided.

Major bearish targets :- 21500, 21370.

If there is a gap down opening, wait for a profit booking or some retracement and sell on rise will continue in the market.

Resistance levels :- 21680-700, 21810

Wait for the price action near the level before entering the trade.

:)