Nifty weekly analysis for 17/07/23.

Nifty on the weekly chart has given a nice bullish candle and almost touched 19600 levels. Market has consolidated and now closed above the resistance zone.

A good bullish move is going on in nifty but banknifty is not support it to go higher.

On the daily charts, the market has crossed and sustained above the resistance zone around 19525 levels.

Flag and pole pattern in also there and if the market follow as per the theory 20k levels can be seen within july expiry.

On the hourly chart, the market has closed above the 20 ema and is respecting a support trendlien. It is forming new high everyday and was not holding the highs but in the last session it has closed near the ATH and can continue to reach another round number figure of 20k.

Support :- 19520, 19330, 19240
Resistance :- 19670, 19875
(*Extended fibonacci retracement is used to find the resistance levels).

The market has travelled, consolidated and now given a break out. There are chance of market continuing the move as the last trading session closing suggest.

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