Nifty InstaView 17 Feb’21: Back to the Border

Nifty View: Benchmark Nifty loses further grounds in today’s session to post a close below 15,200. The index is now at the lower border of the red rising channel which we have been talking about for few days. Yes, there was some degree of intra day volatility in today’s session, but at the close it was a weak close towards the lowest point of the session’s trade. This weakness can take prices further down and in such a case we should expect supports from 15,100 and the psychological 15K mark. In fact at 15,100, a large number of volumes have got traded and so it’ll be interesting to observe how prices behave at this level. Till this strategically stay down and wait for the price weakness to settle down before you take any aggressive long positions.

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