*Pre-Open Tech View –Nifty & Bank Nifty Spot*_28.12.2021

*Pre-Open Tech View –Nifty & Bank Nifty Spot*_28.12.2021

Nifty initially lower opening at 16937 & instant basis hit low 16833. Then continuous bounced through out the session, not only filled the initial Gap but also almost recovered the last Friday’s losses amid volatility.

Nifty closed at 17086 almost day’s high 17112 recovering 253 points from day's low and settled with 82 points gains, forming bullish candle on the daily charts indicating that buying was seen at support zone specially above 16900-17000.

Though bullish bouncing against Friday’s bear action & hope for further upmove but still in lower top lower bottom formation & in scissors range 5 DMA 16970/17000 & 20 DMA 17170/17200. Current Short to Medium term trend is still down as long as sustain below 17350/400 even after crossing 17170/200.

Today Expectation positive opening amid green Global cues.

*On the Upside* :- Initial Barrier comes at 17180/200, crossing which can lead the index to 17230-17330 & even 17400. Traders should maintain cautious approach at higher ends.

*On the Down side*:- Below 17000, the index can see another round of correction to 16930-16830 & 16750 levels.

*The Bank Nifty has support at 34200 and resistance at 35500/700. Below 34000 cl basis fresh negative.*

Source : Eureka

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