Hello Friend, welcome to another blog of Market Insighters.In this blog we will discusses Nifty Technical analysis on Daily Weekly as well as Monthly chart .In this article we analyze support and resistance of Nifty chart on various time frame.
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Nifty Candlestick Chart On Daily Chart
Nifty 50 On daily timeframe taking support range 16800-17050 price zone.This zone is no trading zone where buyer and sell fight each other after breaking any side of price zone we can initialize the buying or selling position.Yesterday break the higher side of level on closing basis,so buyerwin the race.Now we can take decision only buying side not for selling side.
On the upside Nifty 50 on daily timeframe 17485-17570 act as strong resistance zone.At this zone buyer can upload their buying position and wait for direction either upside or downside.The decision can be taken based on candlestick pattern.
The next strong resistance zone for Nifty 50 is price range of 17666-17720 zone.After crossing this zone Nifty can move towards upside level 18000,18200++ level.
In downside Nifty 50 can break 16800 level on closing basis then more downside possible 16500,16200 level.
Short Term Moving average 50 EMA
Nifty 50 short term 50 EMA is 17520-17530 zone. This moving average value changes on daily basis as the bank nifty moves. Nifty 50 closes below short term average that means we can sell on rise.Nifty 50 still have below 50 EMA we can plan sell near 50 EMA with small stop loss of any 5 min candle close above 50 EMA
Long Term Moving average 200 EMA
Nifty 50 long term 200 EMA is 17510-17520 zone. The Long term and short term moving average price range same level,Buying purpose we can wait any closing above 200 EMA and ride position for longer run.
Nifty 50 on weekly time frame made spinning bottom pattern and close above spinning bottom pattern this is sign of bullish price action.New buyers can buy above yesterday high with small sl of 17050 below.
Nifty 50 on weekly timeframe price range 16800-17050 zone acts as strong support,whereas 16660-17720 acts as strong resistance.Next strong resistance level is 18180-18250 price range.
After crossing the level of 16660 -17720 range new fresh buyer can initialize the position for the target of 18200 level.
Above article we have seen support and resistance of nifty 50 chart on daily,weekly and monthly timeframe.Also seen detailed technical outlook on daily weekly and monthly time frame, we have discussed short term & long term moving average.
