Nifty weekly analysis for 03/04/23.

Nifty has taken a nice support from the 20 ema on the monthly time frame forming a doji candle. Finally, closing has been above 17k levels and on the weekly charts, there is a morning star pattern formation.

Even on the daily time frame, the market has closed between both the moving averages. The market has given a nice bullish move after a gap up.

Global market are also showing some positive moment and there can another gap up in Indian market.

On the hourly charts, the market has moved very nicely and took resistance around 17400 levels. Market has closed above both the moving averages showing some bullishness in the market.

Support :- 17300, 17200
Resistance :- 17380, 17450-60, 17600

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