Pre-Open Tech view of Nifty Spot for 14.12.2021

Pre-Open Tech view of Nifty Spot for 14.12.2021

Last Night Global cues were in Red amid fresh worries about the economic impact of the Omicron Covid-19 variant ahead of key inflation data, Fed meeting. SGX Nifty -150points. 17319. Expectation of weak opening.

Yesterday after Gap up opening Nifty failed to stay above 30dma & falling trend channel upper barrier

around 17600 -630 range. Bears became more active after breaking 17500 & even below 20-5 dma 17400.

17308-250 now Gap support area, may fill this Gap. Initially 17300 is the key level & any close below 17300 & finally below 17260/250 indication of more bear move.

On the Down side :-

Bears will initially be active below 17347 to test the upper edge of the Gap 17308.

Fresh bear move if stays below 17299 for a move towards 17260/250 & then 17220.

Swing based crucial supports are :- 17171-17105. Very major 17000-16900.

On the Upside :-

Bulls need a move above 17410/422 for a move towards 17454 & 17484.

Swing based hurdles are 17506 & then 17555/17573-17592 & 17635.

The Option Table data indicates decent support at 17300 and reasonable resistance at 17600.

Source : Eureka

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