Indian market is attempting to recover from yesterday’s heavy selloff, domestic indices staged a gap-up opening on bargain hunting supported by positive sentiments across global markets. Although concerns surrounding the impact of Omicron & FII selling still lingers, investors were trading cautiously and are optimistic. Gains in IT, commodities and metal stocks lifted the indices higher. Market broke the two-day losing streak and ended higher on December 21 with Nifty above 16700 level. At close, the Sensex was up 497 points at 56319, and the Nifty was up 156 points at 16770.
Index
opened a day with a good gap but again we have witnessed profit booking from
higher-end resulting index erased some of its gains & closed a day at 16770
with gains of one percent & formed a Doji candle on the daily chart which
represents indecision in the markets. On the higher side index has a
strong hurdle zone around 16800-16900 and any decisive break above mentioned
zones can attract more bulls which can push the index to northwards but if
continued to trade below said resistance then one can also witness profit
booking towards immediate support zone of 16600-16500 zone.
Resistance: 16800, 16900, 17000
Support: 16700, 16600, 16500
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