Nifty 50 weekly view Intraday Trade Setup for 21st December

Good Morning friends,

Hope you guys doing good and learned something from our chart analysis. Let's talk about the Friday trading session. We have seen a sharp move in downside at the first trading session and the whole move recovers in the second trading session. which is a clear sign that the Index is not going to correct. We all know that the Index is overbought but the problem is there is not any major correction we have seen from the last 2 monht. Today's analysis is based on India USD because we all know the FIIS interest. FIIS has Invested more than 90,000 crores in the last 2 months and they are the major reason for the current run from 11,000 to 13,800.

Tech View
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India USD is trading on the harmonic prz and we have seen a downside move in the Friday trading session but it was also recovered so fast. Today Important level is 13,700 to 13,810. Index momentum will decide on these 2 levels. Long will be considered only if Index cross 13,810 and short opportunity comes if Index breakdown 13,700 levels, so please keep an eye on these 2 levels and setup your Intraday trade on it.

Stocks in News
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📌Lupin:
The company has received approval from USFDA for Colesevelam hydrochloride tablets which are used to reduce cholesterol.

📌PVR:
The company will raise up to Rs 800 crore via equity.

📌KPR Mill:
The company will invest Rs 500 crore for the expansion of sugar mill operations.

📌Reliance Industries:
Company and BP announced the first gas from Asia's deepest project. The project is expected to meet 15% of India's gas demand by 2023.

📌Oberoi Realty:
Subsidiary Evenstar Hotels purchased a hotel property in Worli, Mumbai, for Rs 1,040 crore.

📌Exide Industries:
Life Insurance Corporation Of India increased its stake in the company to 5.5% from 3.48% earlier.

Important facts
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PM indicated that the controversial farm laws would not be repealed, saying farmers have started getting benefits of agricultural reforms. PM said the country has made up its mind to embrace the changes in various rules and regulations being made by his Govt to meet the goal of Atmanirbhar Bharat. PM said his Govt has repealed more than 1500 archaic laws and is continuously making efforts to frame new legislation.

Union Minister of Highways and Road Transports & MSME said that the Govt will soon come out with a new ethanol policy aimed at protecting the interests of sugarcane and paddy growers.

*Finance*
PSBs may find it hard to raise money on asset quality, governance concerns. While the banks have cleaned up books and space has seen consolidation after the merger exercise, the impact of big-ticket frauds of the past and the bad-loan burden remain an issue.

*Current Affairs*
Defence Minister inaugurated the advanced Hypersonic Wind Tunnel test facility here, making India the third country after the US and Russia to have such a facility.

President Trump on Friday signed legislation that could kick Chinese companies off of US exchanges unless American regulators can review their financial audits, a move likely to further escalate tensions between the two countries.

Disclaimer: I am not a SEBI Registered Research Analyst and all the information provided here is for educational purposes Views are shared based on market research and study and personal in nature. Others can take different views and opinions.

Good Luck and Happy Trading
Virendra Pandey