Pre-Open Daily Tech View of Nifty Spot for 13.12.2021

Pre-Open Daily Tech View of Nifty Spot for 13.12.2021

D to D basis Friday ended with a flat note amid volatility, down -5.55 pts.

Nifty formed an inside bar and a small-bodied bullish candle on the daily scale, closed above 20DSMA 17450. Inside Bar range 17380—17544. Beyond that fresh move – Upside initially 17615 & Major 17688. Down side 17327.

The positive momentum amid volatility is likely to continue. The coming week is going to be critical for the markets as we have some important data and events are lined up.

CPI inflation for the month of November Today, WPI inflation tomorrow, US Fed meet on Dec 15.

The interest rate decisions and commentaries of the European Central Bank, Bank of England, and Swiss National Bank on Thursday, and Bank of Japan on Friday. Apart from these closely watch the mood of FIIs, Global cues and finally updates on the global COVID situation specially new variant Omicron.

On the upside :- For intraday :-

Bulls need to move above 17576 for a move towards 17615—17640—17666—17695.

For swing basis :- Above 17700 – 17744—17777—17830. Very major 17900.

On the downside :- For intraday :-

Bears need to move below 17440 for lower side direction towards 17405—17374 & then 17333.

For swing basis :- Below 17300—17277 -17244. Very Major 17197.

Nifty needs some consolidation in a range for the next leg of journey with upward bias. The Range is:-

R:- 17750 +/-30

S : 17250 +/-30

EXTENDED WIDE RANGE 17900—16900

The Option Table data indicates decent support at 17300 and reasonable resistance at 17700.

Source : Eureka

Please register at https://kyc.eurekasecurities.net/home/index/729 for opening Trading and Demat Account.