Nifty InstaView 12 May’21: On the Verge of a Reversal 



Nifty View: Benchmark Nifty index breaks below 14,785 in the last trading session to give away a significant part of the recent rally. It’s the underlying short term UP trend that is under threat now. Another daily negative close and we have a reversal, again. On the downside, immediate supports to watch for is around 14,600 wherein there is a cluster of volumes. On the upside, the index needs to scale above the immediate resistance range of (14,800-14850) for any follow-through rally. Not the best of times for a short term trader as the short term trend has gone through multiple reversals over the past couple of months. But such is the market dynamics now and we just have to pass through this and wait for a definite trend to emerge. Till then, keep your risks under check.     

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