Pre-Open daily Tech View of Nifty & Bank Nifty Spot for 29.11.2021

By a staff reporter:



Nifty Last closing 17026. D to D basis - 510 points, or 3%~ down.



Daily basis strong bearish almost Marubozu candlestick formation & CL below not only it’s critical 20-DWSMA 17200 but also below 100-DSMA 17100 & 50% retracement support 17060 not a good sign for bulls.



Monday’s initial High & low basically 1st 15 mins may be crucial & that may set some guideline for this coming week’s movement. 17160 & 16900 is the coming week immediate initial narrow range.



Traders should cautious at any higher - use the bounce to create shorts but as already 8% correction from top over so Investors may take some opportunity and start accumulating quality stocks as a SIP basis piecemeal way.



On the upside :-

Any pull back may fizzle out from higher ends-retracement hurdles are 17060/17100 & 17161/17210. Major 17270 & very Major 17350.

Only above 17350 Medium-term hurdles can be seen at 17440-17500 zones.



On the Down side :- Trend Deciding Level: 16900/16888

Fresh short should be taken if Nifty stays below 16888 for a move towards 16835/800 & then only 16765-16722 < Gap support >. Below 16700 Next Supports 16666. Very Major 16600-16500.



In case situation becomes more negative then for extreme Bear action below 16500—16350 & 16100 < 200DMA> cannot be ruled out.



Summary, Nifty has support at 16700 and resistance at 17300.



Bank Nifty closed at 36025. D to D basis down -1339 points i.e. -3.58%

Bank Nifty Resistance: above 36250/300--36550,36700. Major 36900. Very Major 37100.

Bank Nifty Trend Deciding Level:35900

Bank Nifty Support: Below 35900--35666–35300--35150. Major 35000/34700. Very major 34100.

Source : Eureka

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