Nifty on the weekly time frame looks bearish as it has formed a bearish engulfing candle and is unable to close above the level of 18000.
On the daily time frame, the market has closed below its 20 ema and closed between both EMAs.
The market has travelled lower after opening gap down and has crossed the 200 ema. The market on friday has remained in a down trend and closed below 200 ema.
There is a bearish moving average cross over on 15 minute time frame.
Support :- 17480, 17380
Resistance :- 17600, 17640, 17710
The market in the last hour has consolidated and if it move lower, there are chances as nifty has closed around its 61.8% fib level.
Wait for the price action near the levels before entering the markets.
On the daily time frame, the market has closed below its 20 ema and closed between both EMAs.
The market has travelled lower after opening gap down and has crossed the 200 ema. The market on friday has remained in a down trend and closed below 200 ema.
There is a bearish moving average cross over on 15 minute time frame.
Support :- 17480, 17380
Resistance :- 17600, 17640, 17710
The market in the last hour has consolidated and if it move lower, there are chances as nifty has closed around its 61.8% fib level.
Wait for the price action near the levels before entering the markets.
