Nifty InstaView 26 Mar’21: Bounced back Well … Pretty Well

Nifty View: Sharp bounce back from the benchmark Nifty in today’s session which would have definitely surprised the bears who probably just stared to enjoy a much needed down trend. Nevertheless, a sharp gap up was well supported by buying throughout the trading session as the index managed a close at 14,620. Seems like the red falling channel on the 75min time frame worked well to provide supports. The underlying short term trend is still very much down and prices will face resistance at (14,600-14,650) and then 14,750. We have an Indian Equity market holiday on Monday and so Tuesday’s trade will be interesting as we will have two day’s of international cues behind us. Strategically it’ll be better to wait out and check whether today’s bounce back can sustain or not and then get the confidence to go long aggressively. Stay cautiously bearish.

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