Mentorship InstaView 28 July’21: All Over the Place


Nifty View: Quite an eventful trading session for the benchmark Nifty index today - breaks down sharp to test 15,510 and then come back with a sharp bounce back to post a close at 15,709. It was a day’s range of over 250 points for the index and a lot of drama. The underlying short term trend is still very much down and going forward the immediate resistance zone of (15,770-15,780) is going to be crucial. Selling pressure will persist if this range is not taken out and slip from this range can lead to some more price weakness. Considering we had a high-ranged trading session today, we can expect a relatively tepid derivatives expiry tomorrow. Stay cautious and wait for this volatility to settle.

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