Nifty weekly analysis for 19/10/23.

Today there was a nice fall in the indian markets and nifty has given closed 140 points lower forming a nice bearish candle.

It has closed below the 20 ema which is round 19700 level. There are chance of nifty holding the market as there was less fall in the index as compare to banknifty.

On the hourly charts, it has closed below both the moving averages and there are high chances of market following the fall.

There is also a bearish moving averages cross over, on smaller time frame, which also show there can be a fall in coming days.

RSI indicator is showing some bearish divergence on the higher intraday time frame.

Watch for option premiums as tomorrow is the weekly expiry. Only one more week will be left in the october month.

Support :- 19580, 19480-500
Resistance :- 19720, 19780

Market were in the consolidation phase and after few days it has given a nice trending move. If the global sentiment also align with today's move, there are high chance of market testing 18900 levels soon.

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