Morning Mantra, 29th November, 2021

Good Morning,

Once Again, similar to the situation when we had predicted our expectations regarding the magical level of 18350, where not crossing above which the Market had tumbled down. This time as well, we can observe that not being able to cross the level of 17650, the index has taken a turn to the downside from 17600 to a low of 16985.70 (as per the Friday’s closing).

Moreover, we hope you remember that as stated in our video on “ALOKvaani on Current Market Fall”, aggressive selling from the FIIs have been one of the major causes of a decline in the Market. Where Friday’s closing of these index, was one of the most pathetic closing as per the chart.

As of now, we have another major and crucial support range of 16700-16800, wherefrom we can expect a bounce back in the levels of the index. Meanwhile, it will be suggested to stay stock specific and to be cautious, till the Month of December, 2021.

Nifty Levels 15580-15800-16200-16350
-16800-17200-17400-17700-17900-18000-18350

Regards,
Alok Daiya

Comment:

Just as we have been stating in our Morning Mantra updates, we can see how beautifully #Nifty has sustained our predicted support range levels of 16700-16800, as it has made a low of 16782.40 and has taken a bounce back therefrom.