Mentorship InstaView 22 June’21: Mixed Feelings

 Nifty View: Nifty takes out the short term resistance zone of (15,750-15,800) in today’s opening but failed to hold onto its grounds. At a close of 15,757, the index ends significantly lower from its intraday high of 15,876. Now what? This is a precarious situation for the benchmark index as it needs to sustain the recent 2-day bounce back to be able to reach back to a new high. And for this, the all-important level is 15,850. If the index moves above this level within the next two sessions, then we have a new life high by the close of this week. On the flip side, a sustained close below 15,700 and the chances of a follow-through rally will slowly dissipate. Considering the overall long term trend of the index, the chances of an upside breakout is relatively higher. Maintain with a bullish bias but continue with a short term view and strict risk management.

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