Mentorship InstaView 02 July’21: Interestingly Important


Nifty View: Some relief for the benchmark Nifty as it saved itself from a whitewash of all negative days this week. Today the index managed a smart bounce back to gain 0.2%% for the day to close at 15,741. The good aspect of this bounce back is the fact that it came from our anticipated zone of (15,650-15,700). Nothing to be too excited about right now as the underlying trend is still down and is likely to face resistance at around (15,780-15,800). It’s an interesting juncture of the market now as a failure to sustain above 15,800 will definitely set in the next leg of selling and so we should be extra careful next week while adding long trades. This cautiousness is for short term trades only. The long term trend is UP and intact and these kinds of corrections are healthy for the overall trend.

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