Mentorship InstaView 06 Aug’21: Break without much of a Breakdow

6. Aug. 2021


Nifty View: Benchmark Nifty decides to take a breather in today’s session, which is reasonable considering we had one big breakout to new life highs this week. At a close of 16,267, the index has just marginally slipped from its weekly high - a sign of short term consolidation and to gain some momentum headroom. The index is in a strong UP trend across all time frames and a short term correction should not be discounted. The first level to watch for is at (16,150-16,200) and then the psychological level of 16K. As long as 16K holds, one should continue to stay bullish and look to add both pullback and breakout long positions.

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