TheNoobDayTrader

Nifty Analysis for 29th July 2021

NSE:NIFTY   Nifty 50 Index
On 28th July Nifty breached 15600 and day low was near 15512. As per our analysis we reached our goal but what happened after that was not expected. Nifty was down almost 250 points from day high and from day low it recovered 200 points, which many may not have expected including me. Obviously it was short covering of 15600, 15500 put writers and profit booking of short positions.

You guys may have heard "pump and dump" but what happened today was exactly opposite. It was "dump and pump" scenario. To avoid this kind of situation book your profit on time and don't carry forward anything until market confirm it's direction.

29th is monthly expiry, so market may stay sideways most of the time to eat the option premium.
15750 and 15800 would be immediate resistance for Nifty , above that 15845, 15900 and 15960.
Support up to 15500.

Global market sentiment is mixed.
SGX Nifty showing positive opening for Nifty on 29th July.