Nifty analysis for 27/07/23 (monthly expiry).
Nifty traded inside the first hour candle and closed 100 points higher forming a confusion candle charts.
The market are consolidating and creating confusion. On the hourly charts, started trading above the 20 ema after the gap up and took support from the levels. Nifty traded in 70 points range after the first hour candle.
Initially, both the indices were travelling in different direction and nifty leading but finally banknifty also followed the index and closed above 46k levels.
On 15 minutes chart, there was a constant rejection from 19825 levels and closed below the 20 ema after the fall of the final hour.
Support :- 19760, 19700, 19640
Resistance :- 19825, 91870 ,19990
Nifty has consolidated and can give nice trend on the monthly expiry. Watch for the movement as option premium can give nice movement too.
Wait for the price action near the levels before entering the market.
The market are consolidating and creating confusion. On the hourly charts, started trading above the 20 ema after the gap up and took support from the levels. Nifty traded in 70 points range after the first hour candle.
Initially, both the indices were travelling in different direction and nifty leading but finally banknifty also followed the index and closed above 46k levels.
On 15 minutes chart, there was a constant rejection from 19825 levels and closed below the 20 ema after the fall of the final hour.
Support :- 19760, 19700, 19640
Resistance :- 19825, 91870 ,19990
Nifty has consolidated and can give nice trend on the monthly expiry. Watch for the movement as option premium can give nice movement too.
Wait for the price action near the levels before entering the market.
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