Nifty 08 Feb’21: Mount 15K Checked

Buying momentum continues as the benchmark Nifty rally further with yet another daily positive close. Recently I had flagged off possibilities of consolidation due to divergences across multiple time frames … well, that’s behind us now. The index is now at the upper border of a rising channel wherein resistances can be expected from the zone of (15,200-15,300). One quick observation - in today’s up move, majority of the gain actually came from the very opening post which there was not much follow through buying - a sign of indifference to add long positions after such a parabolic rally. Strategically, we should maintain a bullish outlook with a dash of caution and look for those sectors & stocks which can rally if the index decides to consolidate or correct.

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Trade Well. Trade Wise.