TheNoobDayTrader

Nifty Review and Analysis for 16th August 2021

NSE:NIFTY   Nifty 50 Index
On 13th August after opening flat Nifty did a upside rally with positive sentiment and made a new all time high of 16542. Nifty has been taking support from it's trend line and in that process trend line is becoming weak with multiple retest.

Depending on Friday closing Global market sentiment is mixed to negative.

On 16th August if Nifty open below 16500 then sell off may come. Though SGX Nifty closed in green but the last two 15 minute candle is red and showing a sell signal.

What could bring Nifty down on 16th August 2021 is:
1. Idea posted net loss in it's recent result, which is indicating a pressure in banking sector.
2. Tension in Neighborhood(Afghanistan), which has the potential to disturb Asian markets.

Resistance for Nifty would be 16550, 16500. Above 16550 Nifty may rally 50 to 80 points more upside.
Support for Nifty would be 16440 and 16390. Below 16390 Nifty should be seen as negative.

Do your own Analysis before taking any trade and trade with SL. Thank you.

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