Nifty InstaView 06 Apr’21: Unpleasantly Volatile

Nifty View: Intraday volatility continues as the benchmark Nifty index consolidated yesterday’s sharp sell-off today. The nascent underlying short term UP trend is now vulnerable for a reversal. On the 75min chart we can clearly observe a range bound activity for the Nifty which is taking the shape of an Ascending Triangle. A break below today’s low of 14,616 will trigger fresh weakness for the index. On the upside, the index needs to break and sustain above 14,900 for some positive sentiment and momentum. Till then, stay directionally unbiased and keep your trades as short lived as possible.

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