Due to seasonal volume in year end, with most FIIs on holidays, markets generally float up to finish the year in positive note, basically a santa rally. I expect NIFTY to bounce back and test the lower end of the channel around 17379 approximately by first week of Jan or earlier, depends on when it touches the trend line , as it's inclined upwards. Overall market trend for 2022 is bearish at this point , due to US Fed tightening the liquidity and rising interest rates. Unless they change the policy to print more money due to new COVID variants. Stay in good quality stocks, so the downturn risk is limited.
Trade closed: target reached:
Nifty’s high was 17400 above the 17379 target and closed at 17354 end of day.