Nifty daily analysis for 23/12/22.

Nifty has been trading below 20 DMA and has tested 18100 levels.

The index has taken a support from 38.6% fibonnaci levels and has closed above it.

On the hourly time frame, the market is retested the 20 ema at the opening and there was a sell off taking support around 18100 levels.

There is a sell off in the market and closed below both the moving averages, on 15 minute time frame.

Support :- 18075, 17970
Resistance :- 18180, 18280

If the market breaks below 38.6% fibonacci leves, it can test the 50% level.

Wait for the price action near the levels before entering th markets.