In my Nifty Analysis of 6th July I have written that Nifty may give false break out above 15845 and it happened as expected.
So why I said that?
Because Global market were showing negative sentiment on their respective chart.
There were no positive atmosphere or news in Global market neither in Indian domestic market but nifty was going high. Which means the move of Nifty is/was false and driven by big money. As I said it was a trap for bulls and for retail people.
Nifty made big green candle in the first 5 minute candle above 15845, it was a clear breakout and then Nifty went to test 19000 to 15920 range. As expected with negative European market opening it came for selling.
So what to expect for 7th July 2021?
Overall global sentiment is negative now. Support for Nifty is 15673 to 15648. Most likely Nifty will open gap down on 7th July 2021. After break down 15751 level you can except more correction in Nifty.
So why I said that?
Because Global market were showing negative sentiment on their respective chart.
There were no positive atmosphere or news in Global market neither in Indian domestic market but nifty was going high. Which means the move of Nifty is/was false and driven by big money. As I said it was a trap for bulls and for retail people.
Nifty made big green candle in the first 5 minute candle above 15845, it was a clear breakout and then Nifty went to test 19000 to 15920 range. As expected with negative European market opening it came for selling.
So what to expect for 7th July 2021?
Overall global sentiment is negative now. Support for Nifty is 15673 to 15648. Most likely Nifty will open gap down on 7th July 2021. After break down 15751 level you can except more correction in Nifty.
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