Nifty a Hard Rock or a Titanic Now? Nifty Technical Analysis for 21 July 2022

Nifty Technical Analysis shows it’s at the brink of a crush or a CRASH!

Can we easily assume Nifty can’t stand the global turmoil and it’s not a rock? I doubt it and kinda Not too!

Let’s analyze Nifty Technical charts to find out if Nifty a Hard Rock or Not!

 

Nifty a Hard Rock? Supporting Factors

Lets say we see Nifty as a Hard Rock, we should give supporting parameters supporting it. Let’s roll with the factors.

 

1. The directional movement Indicator has surpassed the short-term resistance and moved higher. It’s very good news.
2. Though we hit resistance at 16580 levels of Bollinger Band, we are very near to resistance and have not seen a huge cut.
3. We’ve closed above key resistance at 16514 levels.
4. We still have a chance that the Bollinger band blue level is reached before we peak.
5. The chart pattern to this peak was more supportive than the previous.

 

Nifty a Titanic and Supporting Factors

1. The biggest resistance at 16579 levels was touched yesterday and we saw a 100-point shave-off from there.
2. Though Directional Movement Indicator has crossed a resistance level, now it has entered a higher resistance zone.
3. 16514 is a resistance, and Nifty is just above 16520, which is not supportive, an initial sell-off will see Nifty in the resistance zone.
4. The median of Bollinger Band to the peak was just 4 candles, which shows profit booking will be more intense.
5. Lower highs and lower lows of the downtrend that started from 18114 levels are intact and we may see a continuation of the down trend as we are at a peak now.

 

2) SGX Nifty Trend for Today on July 21, 2022:

Today on 21st July 2022 SGX Nifty is showing 25 Points HIGHER move at around 8:23 AM when I am writing this article.

SGX Nifty Trend on Live Chart denotes that the Indian Markets will react POSITIVE.

So Indian markets especially Nifty Trend Today would have a probably POSITIVE start.

 

3) World Market Analysis for 21 JULY 2022:

S&P 500: 23.20 (+0.59%)
NASDAQ: +190.26 (+1.55%)
Dow Jones: +47.79 (+0.15%)
Nikkei: -22.71 (-0.08%)

US Markets show good support, but the Nifty is on a brink of a breakdown and we may see a big downturn if we fall.

 

4) Nifty Supports and Resistances:

Nifty Supports: 16514, 16492, 16359, 16300

Nifty Resistances: 16600, 16579, 16514
GOOD READ: How To Choose The Best Option Strike Price For Landmark Success?

 

5) Nifty Chart Analysis for 21 July 2022 Conclusion:

1. It’s apparent, that we may see some steam till 16579 levels and see a profit booking.
2. Since we have a big resistance above, we will have a negative impact.
3. As a result of this, a pull-down may result in a fall to 14800 levels.

MUST-READ: Can Day Trading Make You Rich For an Exhilarated Excuse Free Life?

Considering the trends globally and Technical Analysis Nifty Trend Today is hugely POSITIVE.

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