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The positive batten from last two trading sessions’ passed on to 9 December 2021 trade but digging deeper Nifty wobbled and traded choppy. There was some sense of discomfort whenever Nifty swigged higher a sense of discord was clearly seen amongst investors’ camp. At close, the Sensex was up 157 points at 58807, and the Nifty was up 47 points at 17516. Technically, the Omicron covid virus will lose its punch if Nifty scales above 17600 mark. Despite witnessing a choppy trading session, the markets maintained their positive momentum as investors put money in the beaten down stocks. After the post morning selloff, the Nifty took the support near 17400 and reversed sharply to hover between 17420- 17530 levels. On daily charts, the index has formed a Hammer candlestick formation which indicates indecisiveness between bulls and bears. The short-term formation is still on the bullish side but before any fresh breakout, the market may consolidate within the range of 17350 to 17575.Expect an up-and-down session in tomorrow’s trade with all bullish eyes on Nifty’s major hurdles at 17600 mark. Please note, confirmation of strength only on any close above 17600 mark.
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Resistance: 17550, 17650, 17750
Support: 17450, 17350,
17250
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