Nifty InstaView 04 June’21: Time to Slow Down


Nifty View: Two consecutive narrow ranged trading sessions from the benchmark Nifty index to mark the end of the week’s trade. The recent rally has been impressive both in terms of participation and momentum which has taken the index to a new life high. But going ahead it’ll be prudent to be a little cautious than what we were three weeks back. We have some serious signals in the short term charts which suggest that a move below 15,600 will lead to a short term price correction. The short term support range of (15,630-15,660) has held the index well for the past two trading sessions and moving ahead next week keep a closer watch at the lower border of this support zone. Strategically one should continue to stay bullish but rather than chasing breakouts, it’ll be prudent to buy on dips. If the index sustains, IT & METALS are likely to play a role.

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Trade Well. Trade Wise.