Nifty InstaView 28 May’21: New High in Style

May 28, 2021


Nifty View: Big boy RELIANCE delivered exactly when it mattered the most. It’s like how Virender Sehwag always tried to hit a century with a six. Nevertheless, the benchmark Nifty index has now hit a new life high on the back of high momentum and resilience. The gap up in today’s trade was held pretty well throughout the day’s session, which is a sign of strength. The index is in a UP trend across all time frames and we should expect the rally to continue. A quick simple Fibonacci projection suggests the next two levels at 15,575 and 16,455 - the first one is not too far away. For the second one, the index will have to correct a bit to shake off the momentum and so going ahead we should be cautiously bullish and not get carried away (well the media will be for sure). So keep a bullish bias but look to trade wherein a fresh bout of momentum is noticed, like ITC.

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