Nifty on the daily chart has formed a doji and can give some retracement.
The market has clearly tested our support level of 16850 and retraced giving a flat closing.
On the hourly charts, the market has consolidated in a ascending triangle pattern and closed near the previous day close. It is taking serious resistance from 20 ema and couldn't sustain above the levels.
On smaller time frame, nifty has given a higher high higher low formation. If the market opens gap up there are less chances of a sell as it can give a halt candle.
Support :- 16860, 16790
Resistance :- 17050, 17200
Wait for the price action near the levels before entering the markets.
The market has clearly tested our support level of 16850 and retraced giving a flat closing.
On the hourly charts, the market has consolidated in a ascending triangle pattern and closed near the previous day close. It is taking serious resistance from 20 ema and couldn't sustain above the levels.
On smaller time frame, nifty has given a higher high higher low formation. If the market opens gap up there are less chances of a sell as it can give a halt candle.
Support :- 16860, 16790
Resistance :- 17050, 17200
Wait for the price action near the levels before entering the markets.
