Nifty view for 05/08/22

Nifty on the daily close has given a nice lower wick rejection and remained strong in the last trading hour.

It tested its hourly 20 ema and regained 100 points in the last hour candle.

On 15 minute chart analysis nifty formed a nice higher high formation in the second half of the session.

Support:- 17300, 17220
Resistance:- 17400-430, 17500, 17630

Market was volatile and Vix gained 5%. It seems that market can follow up the buying my trend and remain in the up move.

Wait for the price action near the levels before trading the markets.