Is 16k on for Nifty?
Nifty OHLC on 16 Jul 2021
Nifty opened at a record high at 15958.35 but couldn’t add much to it. A new all time high of 15962.25 was registered at 9:46 AM IST on Friday, 16th Jul 2021. Nifty made a low of 15882.60 and eventually closed at 15923.40, just below it’s previous day’s close of 15924.20.
What does Nifty’s EOD Chart tell us?
Nifty has managed to achieve a new all time high but once again failed to reach 16k mark. Overall structure still looks bullish on the EOD chart. Nifty is trading above all the popular moving averages.
RSI on daily timeframe is above 60 at 62.39, which is also indicating bullishness.
Nifty Open Interest (OI)
Calls: The highest OI remained at 16000 and the next highest open interest is seen at 16200 followed by 16500 strike price on the call side.
Resistance Levels: 16000, 16180 (Charts + OI)
Puts: The highest OI on the put side can be seen at 15900 strike price which will act as immediate support. The next highest OI is at 15800 followed by 15700 strike.
Support Levels: 15900, 15800 (Charts + OI)
Global Markets
- NASDAQ has followed the Asian Markets and closed in red at 14,427.24, shredding 115.89 points (-0.80%).
- European Markets have continued falling for the fourth day in a row.
- Dow Futures closed -308.5 points (-0.88%) lower at 34,555.5 on 17 Jul 2021.
- SGX Nifty also followed the global trend and lost 0.73% and closed at 15,820, down by -116.50 points.
Conclusion: Nifty has been in a range from the past one month and has witnessed correction closer to 16k levels each time. 16000 looks a strong psychological and technical barrier.
The EU markets have witnessed some correction in the last week. With Dow Jones, NASDAQ and SGX Nifty falling on the weekend, the sentiment doesn’t look optimistic. The overall structure as mentioned above still looks bullish though! The upside potential is looking restricted, and one needs to be cautious.
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