Nifty InstaView 18 Feb’21: Channeled Out

Nifty View: Benchmark Nifty continues to slip further as the index closed below the red rising channel which we’ve been observing for past few sessions. This short term correction has not made any significant damage to the underlying trend yet, but it has got the index down to very interesting deciding levels. At the current juncture, the index is at 15,100 wherein we’ve noticed the maximum amount of volumes. And right below that comes the psychological 15K mark. So technically the index should ideally face some support from the (15,000-15,100) zone and post a short term bounce back. On the flip side, an eventual break below 15,000 will confirm a trend reversal and raise possibility of further price correction. Strategically we should continue to stay cautious and remain restricted to short term long trades only.

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