Mentorship InstaView 23 June’21: Disappointing


Nifty View: Indeed it was a disappointing trading session for Bulls as the benchmark Nifty index failed to hold onto its strong opening, slipped significantly from intraday highs to close below 15,700. We were anticipating a sustained break above (15,750-15,800), which the index did break but could not sustain - a sign of selling pressure at higher levels. Now with the expiry of derivatives contracts scheduled tomorrow, we need to be extra careful as intra-day volatility is likely to be above average. On the upside, super important for Bulls will be to scale above 15,800 and in such a case we can see some high-momentum move up. Chances of a slide down should not be discounted, especially after today’s late-hour selling. A break below today’s low of 15,677 and we should be heading towards 15,620. Stay cautious and prepare to deal with the heightened volatility coming our way.

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