Pre-Open Trading ideas of Nifty Spot for 21-12-2021 and onwards

Pre-Open Trading ideas of Nifty Spot for 21-12-2021 and onwards

Spot Nifty declined sharply for the last two trading sessions and fell almost 5% and settled at 16614.20 level. Nifty’s med-term trend is negative and likely to continue as long prices trades below 17300 level. Nifty’s broader support emerges around 17250 level which is 200 SDMA.

For Tuesday, the bias is likely to neutral to negative as the immediate trend is negative and trades below key level of 16700 level which is acting as immediate resistance. A break of that may take prices further higher to 16782, 16845 and 16930 levels respectively.

On the other hand, if prices fail to breach 16700 level then prices may moves lower and may test immediate support of 16535, 16470 and 16410 levels respectively.

The option data shows 17000CE has highest OI, followed by 17500CE while 16000PE has highest OI writers, followed by 15500PE. The wider range for Nifty is 16000 to 17000.

India VIX moved up sharply by 16% from 16.345 to 18.965 levels.

For Bank nifty the trend is negative as prices breached 200 DEMA and DSMA. Now prices got support around 34000 level and sustain above 34300 level on close basis. On the upside, immediate resistances emerges around 34595 level and a break of that may take prices further higher to 34855 and 35177 level respectively. On the downside, immediate supports stand at 34230, 33900 and 33533 levels respectively.

Source : Eureka

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