Mentorship InstaView 29 July’21: Nifty aka Yo-Yo Singh


Nifty View: Wonderful oscillation from benchmark Nifty index over the past few weeks leads to enough reasons for the short term traders to feel a bit frustrated. The underlying short term trend has reversed multiple times with frequent instances of breakout failures in either direction. Now with today’s 69 points bounce back, the index has once again raised the possibility of a trend reversal on the upside. We had mentioned the short term resistance zone of (15,770-15,780) and the index has managed a close right there. Tomorrow’s price behaviour and close are going to be very important based on which we’ll be able to create a view for the next week. A sustained close above 15,780 and we can expect a retest of 15,950. On the flip side, a slip below 15,700 and we should be back to 15,500. Considering the recent price oscillation it's very difficult to predict the outcome, and so it is prudent to focus on capital preservation rather than chasing profits.

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