Nifty InstaView 11 May’21: Get ready for a move now 



Nifty View: Thanks to the gap down in today’s trading session, benchmark Nifty got the much-needed drop in momentum. After the recent one-way four days rally, the index did need some headroom before it can rally further. Now we did notice decent strength from the Bulls to not give up post a weak opening today. A move beyond today’s range will set up the next momentum move. Because the short term underlying trend of the index is UP, we should be expecting a follow-through rally once 14,940 is taken out. The chance of this is higher. On the flip side, a drop below 14,785 will reverse the underlying trend down and we will be back to a range-bound volatile phase again.     


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