Nifty InstaView 05 Mar’21: Roller Coaster Ride

Nifty View: Intraday volatility continues as the benchmark Nifty posts a 1% negative close in today’s session. On a week-on-week basis, the index is up 2.75% thanks to the early high-momentum gains. With today’s close at 14,953, the index has now slipped below the psychological 15K mark - not a good sign. But the index did relatively better as it bounced back well from the intra day low of 14,860 resulting in a “spinning top” pattern on the daily charts. The short-term trend is still UP and in case the index slips further down we can expect supports to kick in from 14,800 and then the erstwhile lows near (14,600-14,750). One should not be bias on the short side right now as I sense we are heading towards a range-bound consolidation. Strategically one should continue to trade a lower bet size and wade off this volatility with as less damage as possible.

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