Nifty has formed a red candle on the daily charts and is trading between both the moving averages.
It is showing a bearish trend on smaller time frame, also forming a fall wedge pattern. If the market starts trading below 18900, there will be a huge sell off as the low will be cleared and support will be around 18720.
On the hourly charts, the market has been trading below the moving averages which signify some negativity.
Support :- 18870, 18720
Resistance :- 19250, 19400
Tomorrow is weekly expiry for nifty and today it has fall 90 points on day to day close.
Watch if the market open flat to negative and starts trading above the resistance of wedge. The pattern will work in the bullish side more effectively.
Wait for the price action near the levels before entering the market.
It is showing a bearish trend on smaller time frame, also forming a fall wedge pattern. If the market starts trading below 18900, there will be a huge sell off as the low will be cleared and support will be around 18720.
On the hourly charts, the market has been trading below the moving averages which signify some negativity.
Support :- 18870, 18720
Resistance :- 19250, 19400
Tomorrow is weekly expiry for nifty and today it has fall 90 points on day to day close.
Watch if the market open flat to negative and starts trading above the resistance of wedge. The pattern will work in the bullish side more effectively.
Wait for the price action near the levels before entering the market.
