Abhijit_Paul

Mentorship InstaView 16 July’21: Consolidation is better than Co

NSE:NIFTY1!   S&P CNX NIFTY INDEX FUTURES

Nifty View: A flat unit point's negative close for the benchmark Nifty index in today’s session to end the week. On a week-on-week basis, it was however a better performance as the index gained over 1.35% or 213 points and post a new life high. The index is essentially consolidating this recent rally with today’s flat close which has taken the shape of a “Bearish Harami” pattern on the daily time frame. I will reiterate my view that the only worry for the next couple of trading sessions will be if the index slips down and breaks below 15,775. Or else we should do fine and short tern consolidations like we experienced today is healthy for the underlying uptrend. Keep a bullish stance and look to add long positions.

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