Nifty daily analysis for 08/09/22
Nifty has taken support from its 20DMA after a gap down and has closed almost flat.
On the hourly time frame, it took resistance from its 20 ema and closed just below it. Nifty has consolidated in the second half of the session.
The moving averages are close enough and market has closed just above the levels.
Support:- 17600, 17530, 17480
Resistance:- 17640, 17710
The market can be trending as the market has consolidated and tomorrow is a weekly expiry.
Wait for the price action near the levels before entering the markets.
On the hourly time frame, it took resistance from its 20 ema and closed just below it. Nifty has consolidated in the second half of the session.
The moving averages are close enough and market has closed just above the levels.
Support:- 17600, 17530, 17480
Resistance:- 17640, 17710
The market can be trending as the market has consolidated and tomorrow is a weekly expiry.
Wait for the price action near the levels before entering the markets.
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