Mentorship InstaView 08 July’21: Back to short term Supports


Nifty View: Nifty slips hard in today’s trading session losing 151 points to end the day at 15,735. In our yesterday’s analysis, we did mention the importance of a break below Wednesday’s low of 15,788. And that's how it did play out today. The index has now shifted to a short term downtrend and back to short term supports of (15,650-15,700) which has held the index UP for few instances in the recent past. Now for the nascent short term downtrend, this is an important juncture. A close below 15,650 definitely dampers the sentiment and raises more possibility of downsides. It’ll be prudent to observe the market closely rather than focusing on compulsive trades for the next couple of sessions.

Thank you for following my work and please feel free to share your thoughts and suggestions.      
 
Trade Well. Trade Wise.