Nifty Review and Analysis for 17th August 2021

TheNoobDayTrader Updated   
NSE:NIFTY   Nifty 50 Index
On 16th August after breaking it's previous resistance of 16542 Nifty did a sideways rally up to 50 points and made a new lifetime high of 16590. It was very volatile day without any direction. During 16th August sideways market Nifty made a double top in the chart. For now Nifty has no room to go up from here. Also BankNifty is showing weak signal.

Resistance for Nifty is 16590, 16570, and below 16540 a big sell is expected.
Support for Nifty is 16540, 16500, 16440, and 16360.

Global market sentiment is mostly negative. Nasdaq fell 200 points and recovered from there, same for DJI.

Book your profit on time otherwise you may get stuck in a dump and pump situation like before. where Nifty fell almost 200 points and recovered from there.

Nifty opening below 16540 would be counted as negative.

Do your own analysis before taking any trade and trade with SL. Thank you
Trade closed: target reached: Though Nifty moved 110 points above 16590 but Downside is achieved. Low of 20.08.2021 is 14375


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