TheNoobDayTrader

Can Nifty touch 16000 mark?

NSE:NIFTY   Nifty 50 Index
The story of Nifty touching 16000 is going on from June 15 and till now Nifty touched 15900 or crossed 15900 almost 6 times. Every time Nifty goes up, it comes down facing heavy resistance at top. Similarly Nifty wasn't able to break it's support zone too near 15600, every time it goes down, buyer push it up. Because of that Nifty has been trading in a range of 300 points, 15600 to 15900. In this time period many people got stuck in their upside position and also in their downside position.

Global market sentiment has been the main moving factor of Nifty during these days, and as of Friday 23rd July closing overall Global market looks positive.

DJI touched it's lifetime high again.
NASDAQ also at it's lifetime high.
European market is positive.
SGX Nifty at 15837.

Now let's look at the possibilities:
Since Nifty take queue from US market mainly for opening. We can expect Nifty to open gap up on 26th July 2021, unless some negative news come out in Global or domestic market.
On Friday Nifty closed at 15856 which used to be it's 2nd major resistance and closed above it.
If Nifty open around 15920 to 15930 then there is a possibility that Nifty will break 15960 and may touch 16000 as well.
Another scenario is, if Nifty open above 15960 and touch 16000 it may come for selling from top. Because most people will be shorting Nifty from top.

So watch the market on Monday and wait for right entry as per your view. You could be a buyer or seller, but make sure you enter at right time and exit at right time. Otherwise there is chance of getting trapped. And with the opening of European market around 1 pm to 2 pm things will be more clear.

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