TheNoobDayTrader

Nifty Review and Analysis for 12th August 2021

NSE:NIFTY   Nifty 50 Index
From 4th August to 11th August, 6 trading days Nifty has been trading in a zone of approx 16200 to 16300. Nifty made new high/low on Intraday basis but if you pay attention then you will see that, in the last 6 trading days Nifty closed between 16200 to 16300. And during this 6 days Nifty made new High/low and new support/resistance for itself. Last 2 days Nifty fell 100 points and almost recovered from there.

New Resistance level for Nifty is 16280, 16320 and 16360.
New Support level for Nifty is 16236, 16180, 16100 and 16050. Till now 16236 level acted as good support level for Nifty .

Remember there isn't enough room for Nifty to go up. Though Nifty can always push 10 to 30 points up from it's previous high, as we have seen in the past. Market is at lifetime high and correction is pending. So take your decision wisely.

12th August is weekly expiry, and market can be volatile. Global market sentiment is mixed to positive. Nifty may open flat or gap up and you may see similar chart pattern.

At the time of publishing this SGX Nifty is trading at 16330 and it's showing a reversal pattern from it's resistance zone .

Do your own analysis before taking any trading decision and trade with SL. Thank You.

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