Nifty Review and Analysis for 5th August 2021

NSE:NIFTY   Nifty 50 Index
So I said technically if Nifty gives breakout and sustain above 15960 then Nifty will be considered Bullish . I know many people were shorting at top but buyers were determined to take Nifty at 16000 and after Nifty touched 16000 on 3rd August a possible 16000 call short covering happened, which pushed nifty to 16145 on 3rd August. On 4th August Global market was positive, so Nifty opened gap up and made a new lifetime high of 16290. Market was overall choppy on 4th August.

So what pushed Nifty up?
I would like to list possible reasons as per me.
1. Positive GST collection data.
2. Positive Global sentiment.
3. And short covering of 16000 call.

As of now only US market is negative, so we may an effect of this tomorrow on Indian market too.
Nifty made a double top on 15 minute chart of 4th August.
At the time of publishing this SGX Nifty is trading at 16261.50 and flat.

If Nifty retest 16000 level and move upward from 16000 only then bullishness of Nifty will be confirmed technically. There is not enough room for Nifty to go up because it is already stretched. Nifty has moved almost 800 points in 6 days, 28th July to 4th August.

16043, 16145 and 16236 will act as support for Nifty and for now resistance is 16300.

Nifty may open gap down or flat on 5th August 2021. Watch these levels and always trade will stop loss order. Do your own analysis before taking any trade. I think now I don't have to write what happens on weekly option expiry day and European market.

In this scenario I'm sharing one quote with you guys and it is related to market. Let me know whether you heard it before or not.
"Be Greedy when others are fearful. And be Cautious/fearful when others are Greedy"

Thank you.