Nifty daily analysis for 06/09/23.

Nifty for last 2 days is forming a dragon fly doji after a gap up opening. The market after the opening is coming for a selling and than move slowly in the upward direction.

On the hourly charts, it traded above both the moving averages and during the last hour recover giving close 46 points higher.

The market has followed the same trend in previous trading session and if there is another gap up there are chance of market moving in the upside direction.

On 15 minute time frame, it showed a downside trend and recover after the gap filling. It tested the 20 ema and in the mid hour traded around the levels.

Support :- 19520, 19460
Resistance :-19580, 19620, 19720

Nifty has closed in green but the other index has closed in red. Indian Vix is dropping which means there can be a trending move and option premiums are not much. Carry on the trades with a proper trailing stop loss and an ultimate target.

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