Nifty daily analysis for 06/10/22.
Nifty after the initial gap up remained silent and moved slowly gaining around 400 points.
The market has crossed and closed above the 17270 level.
On the hourly time frame, the index opened above the 20 ema and remained between both the emas.
There is a bullish moving average cross over on a 15 minute time frame.
Support :- 16840, 16750, 16650
Resistance :- 16920, 16990-17000
The gap ups/downs are not giving much opportunity for the trend follower as there is no clear trend.
Wait and watch the price action near the levels before trading the market.
The market has crossed and closed above the 17270 level.
On the hourly time frame, the index opened above the 20 ema and remained between both the emas.
There is a bullish moving average cross over on a 15 minute time frame.
Support :- 16840, 16750, 16650
Resistance :- 16920, 16990-17000
The gap ups/downs are not giving much opportunity for the trend follower as there is no clear trend.
Wait and watch the price action near the levels before trading the market.
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