Daily Nifty Analysis for May 2023: -
How to analyse share market? How to analyse NIFTY? If you really want to know the answers then you are in right place, in this post I am going to share my technical analysis on Nifty50 for the month of MAY 2023. I shall be happy if this analysis help you anyway in trading or investing or predicting the whole market in the near future. Meet me on Fiverr Click here
Click here for 'Recent Trend of Global & Indian Stock Market'
But before going to read May 2023 just take a look my previous week i.e. April 2023 analysis, as its last part is very important and interesting because after that week market started to move nicely. Click here
OPENING | CLOSING | HIGH | LOW |
17639.75 | 17624.05 | 17633.20 | 17533.95 |
ADVANCE | DECLINE | UNCHANGE | DAILY SUPPORT | DAILY RESISTANCE |
24 | 26 | 0 | 17860 | 17550 |
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My analysis and decision on the basis of the above data for nifty 50 technical analysis today:-
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- Price is on daily support line
- EMA also change its direction from down trend to Uptrend
- Entry- Just above previous day's High
- Target Price- Daily Resistance line
- Stop Loss- Just Below Daily Support Line (Learn Trading1=5 System)
Now we can start analysis for the month of may 2023 where you will find market is rising.
April Last Week Candlestick Chart: -
We can see where the Broad Market is going now. If read my all previous analysis then you would find how I predicted this Up trend earlier. The above weekly chart for the month of April 2023 shows many ups and downs. It ends above 20EMA which is a good signal for Up Trend but there is no guarantee in the market you know. If market goes higher then we can Target near 19000 point. Join our WhatsApp Group for free & share your view and suggestion.
Daily Nifty Candlestick Chart for the month of April 2023: -
Here on the above daily Candlestick Chart for the month of April 2023 we can see price started to remain above EMA as well as MACD shows Up Trend from the beginning of April 2023. Therefore If we trade or Invest with the Market Trend i.e. Uptrend, it may not be wrong at all, but still you know the market fundamental that there is no guarantee.
Click here for 'Recent Trend of Global & Indian Stock Market'
- Entry must be near EMA
- Target near 19000 point subject to market condition.
- Stop Loss as per your risk capacity
- Resistance near 18000 point
- Support near 17500 point
- Advances 40
- Declines 10
- Unchanged 0
- Close 18065, Open 17950.40, High 18089.15, Low 17885.30 on 28th April 2023
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