Nifty daily analysis for 25/07/23.
Nifty on the daily charts have formed a red candle losing 72 points.
The market has closed below 19700 and on the hourly charts, after taking multiple rejection from 20 ema, it closed below the levels.
It has been trading in a parallel falling channel. It also gave a fake out but couldn't sustain above it.
On the hourly charts, evening star pattern formation during the closing hour shows some negativity.
Another flag and pole pattern formation can be there and after a consolidation phase, there are chances of a break out or break down.
On 15 minute time frame, market has closed between both the moving averages.
Support :- 19640, 19560
Resistance :- 19740-60, 19850
Wait for the price action near the levels before entering the market.
The market has closed below 19700 and on the hourly charts, after taking multiple rejection from 20 ema, it closed below the levels.
It has been trading in a parallel falling channel. It also gave a fake out but couldn't sustain above it.
On the hourly charts, evening star pattern formation during the closing hour shows some negativity.
Another flag and pole pattern formation can be there and after a consolidation phase, there are chances of a break out or break down.
On 15 minute time frame, market has closed between both the moving averages.
Support :- 19640, 19560
Resistance :- 19740-60, 19850
Wait for the price action near the levels before entering the market.
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