Nifty InstaView 17 Mar’21: MaydayMayday!     

Nifty View: We now have a break down in our hands. The benchmark Nifty has broken below the rising channel which has been holding the index up for quite some time. The underlying short term down trend goes over sold with all sectoral indices participating in the sell-off today. Of course the previous lows of (14,500-14,650) kicks in as the obvious supports and its sensible to expect so. But now that we have a short term trend reversal it is the bounce backs which are more important to pay attention to. (14,950-15,000) acts as the immediate short term resistance for the index now. For the bulls, please show some patience and watch out for early signs of selling absorption before betting on the up side again.

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