Mentorship InstaView 05 Aug’21: Time to Slow Down


Nifty View: Optimism continues as the benchmark Nifty extends the recent breakout with another positive session in today’s trade. So far this week, the index has gained over 520 points or 3.3%. And not only has it broken out to a new life-high, but it has also managed to do that with ease and held well without slipping down. Now at today’s close, a look at the intra-day charts do suggest some price-momentum divergence. Do not misunderstand these divergences as a sign of trend reversal. These reversals can also lead to price consolidation. Short term level to watch for is the range of (16,150-16,200), wherein we have a rising gap. Expect the underlying trend and momentum to continue and so short term traders should look to buy on dips.

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