Nifty InstaView 19 May’21: Re-test of GAP


Nifty View: Needed correction for the benchmark Nifty with today’s almost 100 points down move. This move is needed for momentum to create some headroom as we had a sharp one-way rally over the past three sessions. The index had recently broken above the 15k with a “Breakaway Gap” which now gets tested. The lower border of this gap is at 14,960 and so we should expect immediate support for the index within the erstwhile resistance zone of (14,900-15,000). A slip below 14,900 will be a big disappointment to the overall positive sentiment of the market. On the upside, a move above 15,100 will set in fresh buying impetus for sure. Strategically it makes sense to continue with a bullish bias and expect the index to show strength and hold itself above the all-important 15,000.

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