Monday, July 19, 2021

NIFTY PREDICTION FOR TOMORROW 20 JULY 2021

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Tracking weak global cues, the Indian equity market benchmarks the Sensex and the Nifty50 fell over a percent each on July 19. The Sensex fell 734 points while Nifty plunged to 15707 in intraday trade as investors fretted about rising inflation and incessant global spread of Delta variant of coronavirus. At close, Sensex was 587 points, down at 52553 while the Nifty settled 171 points, lower at 15752.

The short term trend of Nifty seems to have turned down, after a display of lack of strength at the new highs. The overall chart pattern signals chances of the market sliding down to the crucial support of 15600 levels in the short term. But, there is a higher possibility of Nifty moving below this support over the period of time. Any upmove from here could find selling pressure around 15800 levels.

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Resistance: 15800, 15900, 16000

Support: 15700, 15600, 15500

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