Nifty InstaView 05 Apr’21: Quite a Knock

Nifty View: The hope of a retest of psychological 15K mark seems at a distance now. Benchmark Nifty sold off sharp in today’s session, bringing in a doubt about the stability and sustainability of the short term UP trend. Banks and Financials were hit the most in today’s sell-off with relative strength coming in from both IT and Metals. At a close of 14,706, the index did manage some solace, bouncing back over 200 points from the intraday low of 14,490. The underlying short term trend is volatile and with the index not being able to show any sign of directional clarity its better to stay light and keep trades as short term as possible.

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