Nifty weekly analysis for 30/01/23.

The market after a consolidation zone has given a break down and has closed below 20 ema on the weekly time frame. The market consolidated for 4 weeks and has now shown some negativity.

Nifty has taken support from 200 ema on the dialy time frame and closed near 17600 levels. Market can take a halt for 1-2 days and continue the fall possibly testing the 17k levels.

On the hourly charts, there was a bearish moving averages cross over and market remained for selling.

Market can retrace upto 17800 levels that coincide with 38.2% levels and start a new fall. Let the market give some retracement and avoid bullish trades.

On 15 minute time frame, the market has closed near the 20 ema.

Support :- 17500, 17425, 17330
Resistance :- 17660, 17800

The market can't give a "V" shape recovery as there are multiple resistances. It is the market for sell on rise and enter bearish trades if there is some negative candlestick formation near the trend line or fibonnaci levels.

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