Mentorship InstaView 17 June’21: At short-term Supports


Nifty View: The “Evening Star” played out well with a sharp +100 point fall from the benchmark Nifty index in today’s trading session. At today’s low of 15,626, the index clearly has defined a short term support range for itself - (15,600-15,650). For tomorrow’s trading session, the index should hold onto this range of support and consolidate before any follow-through selling. Though the short term trend has turned down, the intermediate trend is still very much UP and over the past two months, every correction has been one-legged. So we should keep our options open for a prospective two-legged correction this time, and if such a scenario plays out, then the next zone to watch for will be (15,350-15,450). But before that a bounce-back is necessary. Strategically traders should stay cautious if they look to participate in this anticipated bounce. It'll be better to wait out for the recent range expansion to cool off before trading aggressively again.

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