Mentorship InstaView 23 June’21: Disappointing

Jun 23, 2021


Nifty View: Indeed it was a disappointing trading session for Bulls as the benchmark Nifty index failed to hold onto its strong opening, slipped significantly from intraday highs to close below 15,700. We were anticipating a sustained break above (15,750-15,800), which the index did break but could not sustain - a sign of selling pressure at higher levels. Now with the expiry of derivatives contracts scheduled tomorrow, we need to be extra careful as intra-day volatility is likely to be above average. On the upside, super important for Bulls will be to scale above 15,800 and in such a case we can see some high-momentum move up. Chances of a slide down should not be discounted, especially after today’s late-hour selling. A break below today’s low of 15,677 and we should be heading towards 15,620. Stay cautious and prepare to deal with the heightened volatility coming our way.

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