Another consecutive day of witnessing a positive movement in Nifty.
However, there is a slight disappointment, as Nifty made a high of around 18150 yesterday, which was just below our stated Resistance level of 18170.
Moreover, observing a Hanging Man Formation on the Day chart of Nifty, is somehow indicating that some selling pressure can be witnessed today.
So, in a way Today will be quite a crucial day for the Market. Besides, we have been continuously stating that this Month of December will be very crucial and volatile for the Market.
As of now, we will have to patiently wait for the levels of 18170 and 18400 on closing basis. On the other hand, 17800 will continue to be our support level. Also, on observing the ongoing momentum of Nifty, it can be stated that its range of 17800-18400 is still active.
Therefore, in the meanwhile, be stock specific and continue rebalancing your portfolio. Also, you can follow the cherry picking strategy with the stated support level of 17800.