Nifty InstaView 09 June’21: First Cut

Nifty View: The combination of the rising wedge and price-momentum divergence led to the sharp sell-off that we noticed in today’s trading session. Benchmark index Nifty gave away almost 100 points to slip below the rising wedge , which is evident on the intraday charts. Moving ahead there are two short term levels to keep in mind - 15,500 and 15,400. These short term levels should hold the index if the underlying UP trend has to sustain. As suggested for the past few write-ups, maintain a bullish bias but rather than chasing breakouts look to buy at lower prices. All eyes on Banks, as they can bounce first and fast.

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Trade Well. Trade Wise.
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