Nifty InstaView 30 Mar’21: Trend reversal ... again

Nifty View: We have yet another reversal of the short term trend for benchmark Nifty index. Thanks to today’s big bounce back, the index finds itself close to the psychological 15K mark again. In fact amidst all these drama, the index has actually not gone anywhere over the past two months now. Last time we had a sell-off, it was from 14,900 and now the index is exactly dealing with this level. But considering the underlying momentum with which we had today’s rally, it is very likely that the index will give a shot at 15K and maybe 15,100. Not easy times for the short term traders as the trend reversals have been frequent and sharp. Strategically it makes sense to stick to short term trades in either side of the market.

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