Nifty daily analysis for 18/10/22
Nifty opened almost flat and sustained above the 20 DMA. Nifty has again taken resistance from the 17320 level and unable to close above it.
The market in the initial hour stayed above the 20 ema and in the closing hour market crossed and closed above the 200 ema on the hourly time frame.
Market in the second half has consolidated and took a serious resistance from the 17320 levels.
Even on the smaller time frame the market has closed above both the moving averages.
Support :- 17280, 17180, 17090
Resistance :- 17325, 17410, 17530
Nifty consolidated in the second half but banknifty was in a up trend and almost gained 600 points.
Wait for the price action near the levels before entering the markets.
The market in the initial hour stayed above the 20 ema and in the closing hour market crossed and closed above the 200 ema on the hourly time frame.
Market in the second half has consolidated and took a serious resistance from the 17320 levels.
Even on the smaller time frame the market has closed above both the moving averages.
Support :- 17280, 17180, 17090
Resistance :- 17325, 17410, 17530
Nifty consolidated in the second half but banknifty was in a up trend and almost gained 600 points.
Wait for the price action near the levels before entering the markets.
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