Nifty Bearish to Sideways for tomorrow's expiry (16-12-2021)
Disclaimer: I am not a SEBI registered advisor. Views are strictly personal.
NIFTY has not been able to close below 17200 levels for consecutive days indicating a strong support for tomorrow's expiry. Also, 17175 will act as a support. Call writing suggests 17300 as an immediate resistance for tomorrow (16th December 2021). In my opinion, NIFTY will remain rangebound and will test support at 17150-17175 as well as resistance at 17300 levels tomorrow. A gap-down opening under 17175 and price sustaining below these levels for half an hour will indicate fresh weakness and may take price levels to 17000 on the down side, which looks to be a good support for this expiry.
NIFTY has not been able to close below 17200 levels for consecutive days indicating a strong support for tomorrow's expiry. Also, 17175 will act as a support. Call writing suggests 17300 as an immediate resistance for tomorrow (16th December 2021). In my opinion, NIFTY will remain rangebound and will test support at 17150-17175 as well as resistance at 17300 levels tomorrow. A gap-down opening under 17175 and price sustaining below these levels for half an hour will indicate fresh weakness and may take price levels to 17000 on the down side, which looks to be a good support for this expiry.
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