Nifty InstaView 22 Apr’21: Channel Survivor


Nifty View: Benchmark Nifty index manages a much-needed bounce back in today’s session to post a close tad above 14,4400. A falling channel in the 75min time frame which we’ve been focusing upon still services as the index miraculously manages to bounce back every time from its lower border. And alongside the last three lower lows of price we clearly now notice a price-momentum divergence. But do not get excited, as these divergences can lead to very shallow bounce backs followed by follow through sell-off. So stay cautious as long as 14,700 is not taken out with conviction. Such a state of price will lead to a short term trend reversal and also bring in some positive sentiment. Till then stay cautious with your trades and keep them restricted in terms of time.

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