Nifty InstaView 08 Mar’21: Time Pass

Nifty View: Both consolidation and intra day volatility continues as the benchmark Nifty index posts a flattish close in today’s session. For three successive trading sessions we have small bodied candlestick pattern. This suggests the tug-of-war between demand and supply which has resulted in this consolidation. Like Nifty, most of the sectoral indices have slipped from their respective intraday highs thus resulting into a relatively weaker close compared to today’s opening. Nevertheless the underlying trend is still UP and one should maintain a positive bias until we have a trend reversal. From a short term perspective, the immediate support tow watch for is at (14,860-14,960). On the upside, 15,100 acts as the immediate resistance. Strategically it’s advisable to trade light positions and wait for a convincing trend deciding move.

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