On 14th July Nifty has given breakout above 15800 and closed near it's major resistance of 15835 to 15845. The move in Nifty is similar to what happened in European market. If you have read my previous analysis, where I've said that major global indices touched their lifetime high. So as a result of that we may see similar move in Nifty and another possible bull trap.
As of now Global market sentiment is mixed to negative, and major Indices are showing sell signal on their respective chart. Because of mixed global queue Nifty may open flat or negative on 15th July 2021. Since 15900 is not so far we can't ignore the possibility of Nifty touching 15900 or going near to 15900.
15th July is weekly expiry and market may stay sideways for most of the time. With the opening of European market we will know whether Nifty will give break out above 15900 or will reverse from/around 15900. To me chances of false breakout are higher, so be cautious and don't get trapped.
In this hourly chart you can clearly see Nifty's behavior, breaking of trend line and reversal.
As of now Global market sentiment is mixed to negative, and major Indices are showing sell signal on their respective chart. Because of mixed global queue Nifty may open flat or negative on 15th July 2021. Since 15900 is not so far we can't ignore the possibility of Nifty touching 15900 or going near to 15900.
15th July is weekly expiry and market may stay sideways for most of the time. With the opening of European market we will know whether Nifty will give break out above 15900 or will reverse from/around 15900. To me chances of false breakout are higher, so be cautious and don't get trapped.
In this hourly chart you can clearly see Nifty's behavior, breaking of trend line and reversal.
