Nifty InstaView 12 Apr’21: “Bear” Burps


Nifty View: A huge knock to the benchmark Nifty in today’s session as the index lost over 500 points. It was all out selling from the very beginning when the index gapped down over 200 points. The short term trend which was trying to hold up has mercilessly turned down and now we have an index which is in a down trend across both immediate and intermediate time frame. This is not a good sign. The index is now close to the low fo 25th March’21 which can try to provide some support, but considering the kind of momentum with which the index sold off today, its doubtful whether index will slow down anytime soon. A look at the 75min chart definitely shows a beaten down index which is deeply over-sold and so some degree of consolidation or ease-off is likely, but one should not attempt to call a bottom yet and aggressively look to buy. It’s prudent to wait out for the selling pressure to slow down first.

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