Nifty InstaView 29 Apr’21: Dramatic Climax to April Expiry


Nifty View: The benchmark Nifty ends April’21 derivatives contracts with a lot price drama. A strong opening which took the index above psychological 15k faced profit taking and supply to end the day down at 14,897. No complaints though as the index has recently posted a fine bounce back which has lead to reversal of the short term trend UP. (14,900-15,000) is a proven supply zone for the index has we have noticed the validity of this range back in early April’21. The underlying trend is UP and the bulls have to yet again prove themselves at the all important 15K mark. Short term momentum is stretched and it needs a quick ease-off before it attempts 15K and higher. Strategically makes sense to keep a cautiously bullish stance.     


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