Nifty InstaView 15 Mar’21: Channel Survives    


Nifty View: Dramatic day for the benchmark Nifty in today’s trading session. The index sold off sharp, just to bounce back sharper towards the latter half of the day. Now these are difficult volatile times for the index wherein the fight is to sustain above the psychological 15K mark. On the daily chart, we have a nice bounce back from the lower border of a rising channel which has been holding the index up for multiple months. That’s a good positive sign for the bulls. On the other hand, thanks to this recent sell off, the index has now moved into a short term down trend. Any bounce back is very likely to face resistance from (15,000-15,100) range which the index needs to break above and sustain for any possibility of further upsides. And if the index fails to do so, then prepare yourself for further downsides.

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