Nifty weekly analysis for 08/05/23.
The overall market in the last month has shown some positivity. Now the index is trading around a crucial resistance zone i.e. 18180-18250. There is a possibility of a retest and formation of a double top pattern.
Market has trapped some buyer as it closed above 18200 levels and the gap down took their Stop losses.
In the coming week the market can give another bearish candle, retesting the 18k levels.
Even the RSI incidator is shown bearish divergence. The market are at the same levels but the markets are lossing the strength as it has moved a lot.
The entry in moving average strategy was initiated.
Levels for next week
Support :- 18000, 17830
Resistance :- Markets are holding on the upper levels. So, buy only once market trades trading above 18250 levels.
Wait for the price action near the price levels before entering the trades.
Bullish market can turn around and bears can takeover.
Market has trapped some buyer as it closed above 18200 levels and the gap down took their Stop losses.
In the coming week the market can give another bearish candle, retesting the 18k levels.
Even the RSI incidator is shown bearish divergence. The market are at the same levels but the markets are lossing the strength as it has moved a lot.
The entry in moving average strategy was initiated.
Levels for next week
Support :- 18000, 17830
Resistance :- Markets are holding on the upper levels. So, buy only once market trades trading above 18250 levels.
Wait for the price action near the price levels before entering the trades.
Bullish market can turn around and bears can takeover.
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