Pre-Open Tech view of Nifty Spot for 03.12.2021

By a Staff Reporter:  Yesterday on the day of weekly expiry Nifty though opened with mild positivity at 17183 but after taking support from crucial 100DSMA 17150 bounced very smartly & bulls got strength after crossing 5 DSMA 17250 & 9 DSMA 17330. Jumped closing basis 235 points or 1.37%, made high 17420 & settled at 17401.65.

Nifty formed a bullish engulfing candle on the daily charts, indicating positive bias after crossing past four session's multiple highs of 17350-330 range on a closing basis.

On the Upside :-

Bulls are safe as long as holds pivot area 17350-320 & if further crosses & sustains above 17425 to 450 range then upside momentum can move towards 17480/500. Fresh bullish momentum will resume after crossing 17500+ for next journey towards 17555-17600/655.

Swing basis more upside only after crossing 17555 <21 DEMA> & mainly after 17600 to 17655 <20 DSMA> then Major & extreme expected upper edge of current down trend is at 17777.

On the Down side :-

Below 17320 & then 17285/250 immediate basis support areas.

If breaches further decisively may cause further weakness towards 17190-17150 levels < 100DSMA >.

Swing basis more downside only after breaching initially 17150 & more specifically 17095/50 mark

Strategy:-

One should use any pullback towards 17500-17600 levels as a selling opportunity with a stop loss of 17655.

Buying opportunity on dips till holds 17095/17050 on closing basis.

India VIX closed at 18.09 day to day basis down -1.36 points. Slipped from recent top 23.82. S:- 17.10—15.30.

Source : Eureka

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