TheNoobDayTrader

Nifty Review and Analysis for 13th august 2021

NSE:NIFTY   Nifty 50 Index
On 12th August Nifty opened gap up and came for selling. After that Nifty took support from 16300 level and from there it started slowly moving up by taking support from 20 MA in 5 minute chart. There was selling pressure from top but still nifty was able to push 15 points higher from it's previous high.

Nifty closed above 16360, technically this should be treated as positive sign to move upward but there is a trend line break in 15 minute chart and a possible double top . It's a mixed signal and selling signal is more than buying signal. So watch the opening tomorrow.

Levels are almost same.
Asian markets closed in Red. Global market sentiment mixed to negative.
At the time of publishing this SGX Nifty is trading at 16378.
Comment: Nifty opened gap up and took support from trend line. 16500 should act as Resistance for Nifty today.

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