Abhijit_Paul

Nifty InstaView 07 June’21: Up on a Wedge

NSE:NIFTY1!   S&P CNX NIFTY INDEX FUTURES

Nifty View: Nifty index continues to rally further up with a 84-points up move in today’s trading session. The index has shown strong resilience since it paved its way to a new life high - this is a sign of strength. No doubt about this strength, but it's the underlying momentum that is slowing down. Price-momentum divergences coupled with a rising wedge pattern should be a cause for bullish traders to be cautious. This is not necessarily a sign of reversal, but a sign of slow down. As long as the underlying trend stays UP and strong, one should contain the bullish bias and look to buy on dips. (15,650-15,700) acts as the immediate short term support for the index.

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