NIFTY review 10122021

10 de dez. de 2021

NIFTY


After a good start in first 10-15 minutes nifty did not manage to make any new high in the morning session today and we have see some selling in first 2-3 hours of the day but in second session we have see good bounce back in nifty after taking a good support of 21EMA on 1H chart. which again indicates bulls have given good efforts to pushed the market up.

But if you can see daily chart todays candle is inside candle for previous day's range and NIFTY did not manages to break previous days high which becomes sign of weakness on daily chart. which may lead nifty to show some retracement (Selling ) on smaller TF before making further up move on daily chart.

Also, in respect to Positional traders we have strong resistance level of 17600 to consider change of trend on daily chart.