Pre-Open Daily Trading ideas of Nifty & Bank Nifty Spot

Pre-Open Daily Trading ideas of Nifty & Bank Nifty Spot

Last Friday Higher opening at 17155 but 3 days rally fizzled out there failing to cross crucial barrier 17171. Initially profit booking started, slipped vertically more below 17025 & corrected upto 16910 but finally settled at 17004. D to D basis -69 points. As per Daily chart formed a bearish candle.

Nifty is lying in scissors edge in between 20EMA 17170/200 & 5DMA 16900/870 – immediate fencing for both sides. Extended basis another 200 points momentum possible either side if breaches.

Lower side major support 16700 & upper side 17400.

Another big week – year end week coming ahead.

Nifty initial Intraday range: 16960-17040

On the Upside :-

Bulls need to move above 17040 then Intraday basis Resistances are 17070-17104 & major for 17136/155.Very strong Resistances 17170-197. Cautious hurdles for Bulls & fresh bullish move will resume only above 17170/200.

On the Down side :-

Bears need to move below 16960 then Intraday basis Initial Supports are 16916 & vital 16870.

Fresh Break down below 16870 can lead to fall towards 16833/800 & 16754/729.

Bank Nifty Spot Last cl 34857. - 334 points D to D basis.

Close below vital range 35555-35400 - 50 WSMA suggesting weakness on higher time frame.

Resistance: Above 34922- 35100,35262,35400.

Support: 34626 – 34444-34342. Major 34178,34000.

Source : Eureka

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