Nifty Analysis for 16th July 2021

NSE:NIFTY   Nifty 50 Index
On 13th July Nifty analysis I said that major indices touched their life time high and since Nifty was totally following global market sentiment, so on 15th July 2021 it was somehow expected that Nifty will touch it's lifetime high again. But this time Nifty made a new lifetime high with 30 points above it's previous lifetime high.

European market is already in sell, Nasdaq is down by 101 points and DJI is up by 0.15%. Overall global scenario is negative till now except Asian markets.

There are some positive news in Indian domestic market regarding third wave of Covid, that the third wave impact will be less than second wave. Also there is a hype that, "Nifty will touch, give breakout above 16000" which has been preached by many. Maybe due to the hype of 16000 Nifty pushed 30 points above it's major resistance, because people believed once 15920 is broken Nifty will surely touch 16000 mark.

In this chart, Nifty was above the trend line whole day, but in last 45 minutes it has broken the trend line and closed near it's previous major resistance 15920. If nifty open below 15900 or go below 15900 then selling will come. And if Nifty gives breakout and sustain above 15951 then Nifty touching 16000 is possible.