Mentorship InstaView 20 Aug’21: 16,500 Holds the Key


Nifty View: Knee jerk reaction from the benchmark Nifty index towards the end of last week’s session. A sharp gap down on Friday’s trade leads to an almost reversal of the short term trend of the index which is now stuck between two important levels. On the upside, 16,500 will act as an important level for the index which it needs to scale above and sustain. As long as this is not achieved, the possibility of selling pressure will persist. On the downside, (16,200-16,350) acts as the short term support, the upper border of which was tested on Friday’s session.

Thank you for following my work and please feel free to share your thoughts and suggestions.      
 
Trade Well. Trade Wise.