Morning Mantra, 1st December 2021Good Morning,
We hope that you still remember one of our magical level of 17360, which had earlier been stated as a “crucial level of support” for the index. Well, now the same level will work as a level of resistance for the index.
Moreover, just as we have been stating these days, similarly Nifty did prove our prediction to be right on the mark, as it has taken a beautiful bounce back from our predicted support level range of 16800-16700. After the index making a high of 17300 approx, we could witness a huge supply in the Market. As a consequence of which, we are still with our words, as the Market might somehow continue to move in a sideways zone till the Month of December.
As of now, the level of 16700 will work as a crucial level of support and we will have to stay cautious. Also, it will be suggested to stay stock specific. Since we have been stating about the ongoing liquidity crunch in Market majorly as a result of a huge selling from the FIIs.
So, stay cautious. Follow the “Sell on Rise” strategy, till the Market gives a stable closing of above 17360.
Nifty Levels 15580-15800-16200-16350
-16800-17200-17400-17700-17900-18000-18350
Regards,
Alok Daiya
