TheNoobDayTrader

Nifty Analysis for 22nd July 2021

NSE:NIFTY   Nifty 50 Index
On 20th July Nifty touched 15580 and with positive European market opening it reversed from the day low to almost 100 points and later fall back. Another reason of that 100 point rally could be short covering of 15600 put writers.
It looks like there is both bull and bear trap. Big money is playing with both sides.

Global markets are testing their resistance and showing weak upside signal on their respective chart. To know what will happen, we have to wait till 12.30 to 1.30 of 22nd July 2021.

I'm expecting Nifty to test 15751 to 15761 level tomorrow (maximum 15800) and from there it may reverse back or give break out above with the opening of European market. Since global market is positive till now, so Nifty is expected to open gap up. Nifty will test the trend line tomorrow.

Added a projection of tomorrow in this chart. Please do your own research before taking any trading decision.
Thank you.

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