Nifty 50 Updates for Expiry Day 21st July 2022The Nifty50 on Wednesday climbed for the fourth straight session and broke 16,500 level on a closing basis.
Daily TF
Index has formed a spinning top candle around the XABCD Harmonic PRZ area of 16,600-16,500 hitting almost both of our targets. This pattern suggests a possibly of reversal but on additional confirmation. We might see a small profit booking if day low is broken. Upward momentum will continue only if 16,600 is sustained but the room for upside seems low and one should keep small targets.
2 Hourly TF
ABCD pattern is activated with potential target of 16,700 if index sustains 16,600. If index fails to sustain days low, we might see the gap being filled and can expect a bounce from the dynamic trendline support. Intraday will be tricky and we wait for the live market data for out trade setups. Option sellers can consider selling 16,700 CE after an up move.
Key levels:
Resistance – 16,600 (Target: 16,700)
Support – 16,470 (Target: 16,360)
