NIFTY on Last day of the year...2021NIFTY chart on hourly candle is looking range bound for last 20 or so candles. That is immense show of strength. 200 Hours EMA 17255 is holding the NIFTY down proving to be tough resistance and 17135 to 17188 range is showing immense support. Once 17255 is broken and the Nifty sustains above it for one or two hour. Next short term target and resistance will be 17287, 17340 and 17381. Above 17381 17427, 17552 and 17683 are short term targets. Support on the down side will be 17135 and 17188 range. Below it major supports are 17000, 16938 and 16822. Nifty might try to break 200 hours EMA tomorrow and if it sustains above it. It can unleash some serious power.
Short Term Outlook: Neutral, Cautiously Bullish.
Long term Outlook: Bullish.
