Nifty InstaView 03 June’21: Exhaustion Gap?


Nifty View: Nifty continues north with a nice gap up in today’s trading session - a gain of close to 100 points to post a close at 15,718. On its way up, the index did prove its erstwhile swing highs as a fine source of support at (15,600-15,650). This 50 points zone works as the immediate short term support for the index now. We have an intermediate price momentum divergence shaping up on the intraday charts of the index - this can lead to some short term price weakness. Considering that no major heavyweight sector participated in today’s rally, the chance of a short term dip is very likely. Stay put and maintain a bullish bias as long as 15,600 is not given back by the bulls. We are in the unchartered territory now, and no upside target can be “IT” as long as the momentum continues.

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