TheNoobDayTrader

Nifty Review and Analysis for 6th August 2021

NSE:NIFTY   Nifty 50 Index
There was a negative pattern in Nifty which I marked for you guys in the 15 minute chart. Nifty opened 30 to 40 points up on 5th August from 4th August's closing price. Nifty opened at 16294 and from there selling came in the first 15 minute up to 16236 level, I have mentioned about these levels in my earlier post. From 11 am to 1 pm Nifty was in up trend and it moved from 16236 to 16350, and again made a new life time high. Interesting thing to notice is Nifty closed where it opened toady and below 16300.

Global market is positive but Asian market is negative.
At the time of publishing this SGX Nifty is trading at 16352, near it's lifetime high and selling is expected to come.
In Domestic market there is a news related to Vodafone Idea, which may affect the BankNifty tomorrow and if BankNifty stays in negative then it will affect Nifty too.

Below 16236 a selling is expected up to 16145. 16300 and 16350 is immediate resistance for Nifty . A triple top can be seen in Nifty .

For BankNifty 36000 and 36200 is immediate resistance and below 35650 a selling is expected up to 35400.

Do your own analysis before taking any trade. Trade with SL and always remember Yesterdays Quote. Thank You.