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Market ended the session on Tuesday 14 December 2021 on a negative note with Sensex down 166 points at 58117, and the Nifty shedding 43 points at 17324. Due to elevated levels of inflation and weak Asian markets, the domestic indices extended losses ahead of the US Fed policy announcement. Offsetting a favorable base effect and cut in levies on fuel, India’s CPI inflation rose to 4.91% YoY in November as higher input costs forced producers to hike prices. Moreover, India’s wholesale inflation soared to a 12 year high of 14.23% YoY underpinned by mineral oil, base metals, crude petroleum and natural gas.
Nifty
open gap down and showed a very sideways move throughout day with given close
at 17324 with minimal and formed a Doji sort of candle pattern on daily chart
represents indecision in the markets. The overall range for Nifty is coming at
17450 on the higher side and 17200 on the lower side. Right now Nifty is
trading in between, so one can expect a sideways moment in coming sessions and
final direction will be clear once we see either side breakout from mentioned
range. Immediate support is coming near 17250-17200 zone and resistance is
coming near 17400-17500 zone.
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Resistance: 17400, 17450, 17500
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