Markets action for the day 24-12-2021

Markets action for the day 24-12-2021

The Index has witnessed a massive recovery from the lows of 16410. As we expected, the Index is in its short covering mode, and thereby breaking its short-term resistances make it bounce from lower levels. 16410 is a weekly swing low. Considering the expiry week, as well as the final weekly expiry of this calendar year, sideways to positive momentum is expected.

16900-1700 was a gap that needed to be filled, and that has exactly happened in yesterday’s market. Now, there could be some more upside pending in this recovery, towards 17250. The 61.8% of this fall, is at 17770 which can be our short-term target from this swing lows. 17000 to 17250 is the range for the day

View: Sideways to Bullish

NIFTY DAILY

The Banknifty Index has seen the same pattern as that of the Nifty but failing to close above 40WEMA which is at 35540. It needs to be closed above 3550 for this week, in order to see more upside from there onwards to 36130 which its 20DMA.

BANKNIFTY DAILY

The hourly chart is well-paced under a clear channel and the prices closed at the lower end of the channel. The bounce from the existing close and close above 3550 will define the momentum. The range for the final week expiry is seen between 35000 to 35500 unless 35500 is broken we don’t see much momentum above.

View: Sideways to Bullish

BANKNIFTY HOURLY

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