Nifty InstaView 26 Apr’21: Close to a Reversal


Nifty View: The benchmark Nifty index faired well in today’s trading session gaining close to 150 points to post a close at 14,487. The underlying short-term trend of the index is still down but thanks to this upmove, it's now on the verge of a reversal. The index needs to deal with some serious resistance up ahead. The first range of resistance is within (14,500-14,600) wherein the supply comes from a small falling gap. Further ahead there is another falling gap within (14,700-14,800). The underlying momentum of the market has improved and a move above 14,550 will definitely trigger some buying impetus. Strategically it makes sense to stay cautiously bullish and make use of this current momentum keeping in mind that we are heading towards a derivatives expiry later this week.

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