Nifty InstaView 19 Apr’21: Sliding down the Channel


Nifty View: Yet another gap down for the benchmark Nifty in today’s trading session. The index reacted from an erstwhile falling gap hard losing over 250 points in today’s trade. At a close of 14,384, it was relatively much better off bouncing back from the intra-day low of 14,213. A look at the 75min chart clearly shows the index sliding down the falling channel with short term supports coming in at 14,200. On the upside the index needs to sustain above 14,400 for further upsides. We may notice a sharp reversal if tomorrow the index scales above today’s high of 14,409. The underlying short term trend is down and so any attempt to buy into the bounce back should be limited - both in terms of time and price.

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