Mentorship InstaView 29 June’21: Strong intra-day Supports

Jun 29, 2021


Nifty View: Seems like the “Dark Cloud Cover” pattern about which I mentioned yesterday did play out a bit in today’s trading session as the benchmark Nifty dropped 0.38% to close at 15,795. Now a closer look at the 15min chart of the index clearly shows how the index faced support within the range of (15,760-15,780) multiple times in today's trade. And a couple of more interesting facts - we have a 61.8% Fibonacci Retracement and the “Point of Control” from Volume Profile which confluences close to this range. What does this mean? We have a very strong short term support close to 15,750 and if this level holds tomorrow then we will see a fine bounce back. Keep a close eye on RELIANCE.

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