Nifty InstaView 16 Apr’21: Struggles at the Gap


Nifty View: Slow and steady the benchmark Nifty index has managed a three day bounce back to retest 14,700. But in today’s last hour we did notice some degree of selling pressure as the index faced resistance from the erstwhile falling gap within (14,700-14,800). This 100-point range is important from a short term perspective and only a move above this zone will confirm a trend reversal and possibility of further price rally. On the flip side, a slip below today’s low of 14,580 will definitely trigger some more price weakness. Considering the frequent reversals of the short term trend, it’s prudent to stay cautious and focus more on risk management rather than chasing profits.

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