Nifty InstaView 07 May’21: Knocking on Doors of 15K 



Nifty View: A much needed confirmed close above 14,765 was delivered by the benchmark Nifty in today’s trading session. At a close of 14,860, the index faired alright because there was some decent degree of intra-day volatility. There is not much to take away from the sectors today except the huge momentum from the Metal stocks. A closer look at the 75min chart of the Nifty will suggest a negative divergence with RSI, so one needs to be a little careful with Monday’s opening. The short term trend is now UP and a BIG test for the index next week will be to deal with the 100-point resistance zone of (14,900-15,000). Immediate supports are now at 14,750. Strategically lets maintain a Bullish bias till this nascent short term UP trend stays valid.     


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