Mentorship InstaView 02 Aug’21: Back to 15,900


Nifty View: A fine 130 points up move from the benchmark Nifty in today’s session to take the index back above 15,900. The rally towards the psychological level of 16K has faced resistance before, so it is crucial for the index to sustain today’s gain and not give back like has been the case recently. The underlying short term trend of the index has now again reversed UP and is in a nascent stage. Even if the index decides to cool off then the short term supports of (15,800-15,820) should hold, or else we are back to square one. Considering the nature of today’s up move in which there was even participation from most sectors, the chances of an extension of today’s up move is much likely.

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