Nifty weekly analysis for 16/10/23.

Nifty on the weeekly charyts has given a nice bullish candle and has closed around 100 points higher.

After the gap up opening on Monday due to the international news it recovered and took support from 50% fibonacci level.

It is holding the higher levels but is still trading below the major resistance level of 19900.

On the daily charts, there are gap up and gap down and nifty has closed above the 20 ema. No clear view is there in the market.

Less option buying opportunities are there. Last 2-3 weeks has been for option seller as it is trading in a range.

The markets have consolidated and a break out/down can be seen with a proper follow through in the markets.

On the hourly charts, it took support around the 200 ema and closed between both the moving averages.

Nifty consolidated for 2 days in a range and took the opportunity as it opened gap down.

Major Support :- 19250-300
Resistance :- 19840-900

For intraday trading levels.

Support :- 19730, 19670, 19580
Resistance :- 19780, 19840

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