Before coming to what will or what could happen on 8th July 2021, let's take a look at some of the key important factors. What could move Nifty up and what could bring Nifty down.
1. Till now Nifty tested it's 15900 to 15920 range 4 times.
2. Global market is positive but sideways.
3. Nifty created a new support for itself at 15800, so until 15800 is broken Nifty can't go down.
4. RBI imposed monetary penalty on 14 banks, including Bandhan Bank, Bank of Baroda, SBI. So it would be interesting to see whether it affects BankNifty or not.
Today nifty closed above it's resistance of 15845. Chances are there that on 8th July Nifty may create a new lifetime high. But whether nifty will go up from there or will reverse back, will depend on the opening of European market.
So what to expect tomorrow?
Market may stay sideways since 8th July is weekly expiry, which is seen in most expiry days. There is a minimal possibility of Nifty opening gap down tomorrow and from there Nifty will again go upward to test 15900 to 15920 range.
In other case Nifty will open gap up and will stay sideways most of time. Around 12.30 to 1.30 Nifty will decide which way to go, UP or DOWN.
1. Till now Nifty tested it's 15900 to 15920 range 4 times.
2. Global market is positive but sideways.
3. Nifty created a new support for itself at 15800, so until 15800 is broken Nifty can't go down.
4. RBI imposed monetary penalty on 14 banks, including Bandhan Bank, Bank of Baroda, SBI. So it would be interesting to see whether it affects BankNifty or not.
Today nifty closed above it's resistance of 15845. Chances are there that on 8th July Nifty may create a new lifetime high. But whether nifty will go up from there or will reverse back, will depend on the opening of European market.
So what to expect tomorrow?
Market may stay sideways since 8th July is weekly expiry, which is seen in most expiry days. There is a minimal possibility of Nifty opening gap down tomorrow and from there Nifty will again go upward to test 15900 to 15920 range.
In other case Nifty will open gap up and will stay sideways most of time. Around 12.30 to 1.30 Nifty will decide which way to go, UP or DOWN.
