Nifty has formed a perfect doji on the daily charts after testing 61.8% fibonacci levels. It is trading below the 20 ema.
The market has given a nice fall after forming a new ATH and is now giving a consolidation.
On the hourly charts, it has closed below both the moving averages and is taking resistance from 200 ema. There are chance of a cross over.
There was a nice consolidation in the market and there was a good move in both the directions. This confusing market will take the profits and even cause more losses.
It would be wise to wait and watch for a trending move in the markets.
Support :- 19600, 19500
Resistance :- 19730, 19800
Wait for the price action near the levels before entering the market.
The market has given a nice fall after forming a new ATH and is now giving a consolidation.
On the hourly charts, it has closed below both the moving averages and is taking resistance from 200 ema. There are chance of a cross over.
There was a nice consolidation in the market and there was a good move in both the directions. This confusing market will take the profits and even cause more losses.
It would be wise to wait and watch for a trending move in the markets.
Support :- 19600, 19500
Resistance :- 19730, 19800
Wait for the price action near the levels before entering the market.
There are chance of market creating opportunity around 19600 retest level after a fall.
Support :- 19500, 19435
Watch for a price action near the levels. Trade only perfect setup.