Nifty update on 20th December 2021

NSE:NIFTY   Nifty 50 Index
Good Morning, everyone. I hope you guys had a great weekend and enjoyed your family time. Let's get back to work and talk about the nifty first. The Index has shifted its intraday range which was valid since 14th Dec, Sentiment is still negative, and Index is falling from every swing high, which is a clear sign that profit booking is continuing. The Index has closed lower than 17,000 and is testing its strongest demand zone again (16.800 to 17,000).

India USD and SGX are trading on a flat note, and I am accepting a small gap up or a flat opening.

30 Minute time frame
Intraday Resistance: 17,110
Intraday Support : 16,950

Long can build above 17,110 for the target of 17,200
High Probability trade is short side lower than 16,950 for the target of 16,850 .. You can hold your position if 16,800 breaks in the intraday.

Daily Time Frame
Index wider range is 17,650 to 16,800. The Index is going to test its demand zone again. A breakdown will cause more bloodbaths, and Index can test 16,000 in a couple of weeks.

Trade Accordingly.
Good Luck


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