Nifty witnessed selling pressure from resistance near 4,650 levels and closed in deep red below 4,550 levels. After making hammer candlestick pattern on daily charts, Nifty made long black candlestick pattern which shows that Bear are having control at the moment. Selling pressure may be continuing below 4530-4500 zone. On the other hand, if Nifty respect support at 4530-4500 zone then recovery may also be seen.
For Intraday trading tomorrow 21-Dec, the trend deciding level is at 4,550. If Nifty shows strength above 4,550 levels, then rally to 4,600/4,640/4,700 may be seen. If Nifty does not show strength above 4,550 levels then selling pressure till 4,500/4,450/4,400 may also be seen.
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