Nifty resistance points 15700 and 15765 and supports will come in lower
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Pre market session 21st June 2021

Nifty resistance points 15700 and 15765 and supports will come in lower

Nifty opened on a marginally positive note and marked its high point of the day in the opening minutes of trading. Soon after, the index slipped into negative territory. Selling intensified for Nifty to test the 15450 levels by the middle of the session. However, from that point onwards, the markets saw a recovery on account of short covering. By the end of the session, Nifty managed to cover almost all its losses. The headline index finally closed with a marginal decline of 8.05 points (-0.05%).

A related factor is that volatility remains at its lowest level. India VIX once again fell 3.21% to 14.7975. This leaves room open for spikes in volatility which may not work well with the markets. On Monday, the beginning of the day can be seen negatively. The levels of 15700 and 15765 will act as resistance points; Support will lie lower at the 15580 and 15475 levels.

The relative strength index (RSI) on the daily chart is 60.09; It has marked a fresh 14-period low which is bearish. However, the RSI is neutral and shows no divergence against the price. Daily MACD is bearish; It resides below the signal line. A Hanging Man Happened at Candles. The rise of such a candle near the high point indicates a continued disruption of the current uptrend. The pattern analysis suggests that if Nifty tests the 15,450 level again, it will be a classic throwback as such a move will take Nifty back to the level from where it was broken.

The 15400-15450 zone is the nearest important support area for the markets. Overall, this is the time when market participants should continue to focus more on protecting profits at current levels. Rather than aggressive buying even in rallies led by short-covering, more emphasis should be placed on cautious protection of profits. Traders should maintain their tight trailing stop loss to get the best of it. We recommend buying at new levels and being cautious in the markets.

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About Dwipen Gogoi

Dwipen Gogoi, MBA (IB and IT) and PGDFT from Pune. (Technical Analyst of AliceBlue) I am a You Tuber, Blogger and doing Technical Analysis last 10 years in Stock, Commodity and Forex Market. i am creating various trading strategies for day traders, swing traders, scalp traders.

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