Nifty InstaView 16 Feb’21: Spinning at the Top

Nifty View: Benchmark Nifty reacts from the upper border of our red rising channel as shown on the 75min chart. The index failed to hold on to the early gains which lead to a slip from the day’s high and some degree of intraday volatility. On the daily charts according to the Japanese Candlestick parlance, we have a beautiful “Spinning Top”. This pattern essentially reflects that there is some level of tug-of-war between the buyers and sellers and so no one managed a promising close for the day. Strategically one should be a little cautious and not go aggressively bullish as we noticed many stocks slipping significantly from their intra-day highs. Immediate supports to watch for is at (15,200-15,250).

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