Mentorship InstaView 07 July’21: A new life high as long as …


Nifty View: Benchmark Nifty managed a fine bounce back in today’s trading session - up 60 points to recover most of yesterday’s correction. The short term support zone of (15,800-15,830) though breached once in the opening held well throughout today’s session. This is a good sign as anticipated supports held prices up raising possibilities of a new life high soon. And for that, I sense that today’s low of 15,788 should not be breached. In other words, maintain a bullish bias as long as 15,788 holds. A close below this level and short term traders should shy away from building long positions. On the upside, the anticipated resistance zone is at (15,890-15,910) and that's exactly where the index has closed today. So a short term intraday dip at the open tomorrow should not be discounted.

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