Mentorship InstaView 06 Aug’21: Break without much of a Breakdow


Nifty View: Benchmark Nifty decides to take a breather in today’s session, which is reasonable considering we had one big breakout to new life highs this week. At a close of 16,267, the index has just marginally slipped from its weekly high - a sign of short term consolidation and to gain some momentum headroom. The index is in a strong UP trend across all time frames and a short term correction should not be discounted. The first level to watch for is at (16,150-16,200) and then the psychological level of 16K. As long as 16K holds, one should continue to stay bullish and look to add both pullback and breakout long positions.

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