Nifty: Finally some Drama

Nifty finally faces some intra-day selling pressure as the index failed to hold onto the day’s strong opening. There was some degree of selling which was again countered by a sharp intra-day bounce back to end the day flat. Now if we look closely, we will observe that since 22nd Dec’20 the index had managed to bounce back from its intra-day weakness on 5 instances. And post that bounce, these lower shadows or lows were never breached - such has been the strength of the underlying trend. So a break below the recent low at 14,476 will be the very sign of any serious price weakness, if at all. Till then make use of the momentum and look for upside breakouts.


Trade Well. Trade Wise.