WEEKLY View & Tech Analysis

By a staff reporter: 

WEEKLY View & Tech Analysis - Nifty Spot for 06.12.2021 & on wards Last cl 17196.

PART I:-

Nifty Spot Last Friday closed just below 17200 – exactly at 17196.

Day to Day basis down -204 points, formed a bearish engulfing candle.

Week to Week basis up +170 points, formed both side long tail with small body.

Bear strength due to :- Weak global cues and rising concerns over the new Omicron variant, global inflation fears and the Fed hinting towards early tapering. Bulls are supported by domestic cues such as improved GDP and manufacturing PMI data, and the second highest GST collection. Forthcoming important events :- RBI POLICY MEET Dec 6 to 8, 2021 & FOMC Meet, Dec 14-15, 2021

Nifty actually formed lower top lower bottom formation & last week was the 3rd consecutive.

Recent top 18210 < 15/11/2021>-then fell, corrected upto 16782 < 29/11/2021-Last Monday’s bottom>.

But in last week upto Thursday against that previous 1400 pts fall Nifty gave a bouncing mode with high volatility, from almost 16800 to almost 17500 , 700 pts <50%> rally over.

And then slipped almost 300 points <17489 to 17180> & closed at 17196.

Source : Eureka

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