Morning Mantra, 22nd December 2021

Good Morning!

Just as we had stated about the favourability of witnessing a closing of above 16600. Similarly, we had experienced it yesterday itself that taking a support of 16600, Nifty had beautifully taken a bounce back therefrom, and had made a high of 16936.40 approx.

But on the other hand, unfortunately even after spending almost the entire day above the level 16800, Nifty was unable to sustain above 16800 and as a result it gave us a closing of below 16800, i.e., around 16770.85 approx.

Well for Today, the formation of a beautiful Hammer pattern on the hourly chart, indicates a hope for some optimism in the Market. Yet in support of that, we need to witness a strong and stable closing of above 16800 and 16960 respectively. So, as of now we will be considering 16960 to be a crucial level of resistance for Nifty.

Also, keep your calm and patience until this crucial Month of Entire December. In addition to which, we are still in support of our suggestion to go for some Cherry Picking strategies, instead of being too aggressive, as of now.

Nifty Levels 15580-15800-16200-16350
-16800-17200-17400-17700-17900-18000-18350

Regards,
Alok Daiya