Nifty InstaView 11 June’21: Exhaustion or Runaway?


Nifty View: Fourth successive positive weekly close for the benchmark Nifty index with today’s up move. All these weeks, the index has shown fine momentum to hit a new life high and also resilience to hold onto itself at this height. Now in today’s session, we had a gap up opening, post which there was minor intraday volatility with no follow-through buying. Thanks to IT and METALS the index managed to hold onto its gains and post a close at 15,817. The possible weakness from the “Rising Wedge” is now negated, but the price-momentum divergence continues. This means that moving ahead upsides are likely to be staggered and are likely to face profit-taking. So strategically let’s continue with a bullish bias and look for short term long opportunities.

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