Pre-open Tech view of Nifty & Bank Nifty Spot for 15.12.2021 & onwards

By a Staff Reporter:  Yesterday Nifty extended losses ahead of the US Fed policy announcement.

Nifty opened lower at 17283 then a rally moved upto 17376 faced 20 DMA hurdle there. Corrected upto 17225 – 13 DMA acted as support & closed at 17325. Bulls able to closed above 100DMA 17275 & even above 17300. Though Nifty Day to Day basis corrected slipped 43 points but formed a bullish candle on the daily charts as the closing was higher than opening levels.

High volatility amid rising concerns over elevated inflation and risks to economic recovery for the Omicron strain.

Bulls high made was 17376 – Low 17225 but closed above 17300 at 17325.

Any decisive break of day’s High and low can see a move of another 200 points either side.

On the Lower side :- Bears will have chance below 17299 & mainly below 17275 for a move towards 17241 & 17220. If Nifty sustains below 17200/17177, it may slip further towards 17112 & even upto -17000 in the near term for strong bear case.

17350-17375 is the upper side whipsaw range.

On the Higher side :- Bulls need to move above 17376 for a move towards 17400-17444.

17444-17500 levels are likely to act as an immediate resistance zone.

Extended basis upper hurdles are 17506/17539 & 17573/17596.

Bank Nifty Spot :- Decent support at 36800 and reasonable resistance at 37500.

•    Strength above 36928 R 37118, 37310 and 37500

•    Weakness below 36800 S 36654, 36461 and 36269.

Source : Eureka

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