Nifty monthly expiry analysis for 30/05/24.
Today nifty after a gap down opening has remained in a 100 points range closing 83 points lower.
The daily candle is looking bearish and chance of testing 22580 levels are high, if it starts trading below today's low of 685.
Nifty is trading between the moving averages and 20 ema is around the support zone.
A bullish leg is there in the market and it is the retracement or profit booking before the election results.
On fib levels it can test 38.2% levels. If the levels are breached soon, 580 levels will be tested .
Major support levels :- 22680, 22620
Resistance :- 22800, 22880
Tomorrow is monthly expiry and upcoming week there is election results. Bullish reversal can be a possibility in case of a gap up opening.
Flat to slightly gap down opening there will negative sentiment on intraday.
Wait for the price action near the levels before entering the markets.
The daily candle is looking bearish and chance of testing 22580 levels are high, if it starts trading below today's low of 685.
Nifty is trading between the moving averages and 20 ema is around the support zone.
A bullish leg is there in the market and it is the retracement or profit booking before the election results.
On fib levels it can test 38.2% levels. If the levels are breached soon, 580 levels will be tested .
Major support levels :- 22680, 22620
Resistance :- 22800, 22880
Tomorrow is monthly expiry and upcoming week there is election results. Bullish reversal can be a possibility in case of a gap up opening.
Flat to slightly gap down opening there will negative sentiment on intraday.
Wait for the price action near the levels before entering the markets.
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