Nifty got no chance to move upward on 8th July, except the first 15 minute candle and from there people started selling. And with today's fall it is confirmed now that breakout above 15845 was fake and was bull trap.
So what triggered Nifty to fall almost 200 points from day high?
Let's try to look at the events to understand the fall better.
i) Nifty wasn't able to cross 7th July's closing price.
ii) From the level of 15875 it made negative candle.
iii) Nifty broke 15845 level and 15800 level too.
iv) BankNifty was negative and broke it's support of 35700 level.
v) Finally European market also opened in negative.
On 8th July maybe nobody had expected Nifty to open gap down and with short reversal Nifty came for selling. Though 15900 to 15920 was not too far still Nifty wasn't able to touch it and fall 200 points.
So what to expect on 9th July 2021?
With Negative global sentiment it is obvious that Nifty will open gap down tomorrow. But people will start booking profit of their overnight positions. Due to that Nifty may go up and test levels up to 15800.
SGX Nifty is holding it's 15700 level and on 8th July Nifty took support from around 15700 level. So break down of 15700 level of Nifty will lead to 100 to 150 points fall tomorrow. Otherwise market may sideways.
So what triggered Nifty to fall almost 200 points from day high?
Let's try to look at the events to understand the fall better.
i) Nifty wasn't able to cross 7th July's closing price.
ii) From the level of 15875 it made negative candle.
iii) Nifty broke 15845 level and 15800 level too.
iv) BankNifty was negative and broke it's support of 35700 level.
v) Finally European market also opened in negative.
On 8th July maybe nobody had expected Nifty to open gap down and with short reversal Nifty came for selling. Though 15900 to 15920 was not too far still Nifty wasn't able to touch it and fall 200 points.
So what to expect on 9th July 2021?
With Negative global sentiment it is obvious that Nifty will open gap down tomorrow. But people will start booking profit of their overnight positions. Due to that Nifty may go up and test levels up to 15800.
SGX Nifty is holding it's 15700 level and on 8th July Nifty took support from around 15700 level. So break down of 15700 level of Nifty will lead to 100 to 150 points fall tomorrow. Otherwise market may sideways.
