Pre-open Tech view of Nifty & Bank Nifty Spot for 02.12.2021 & onwards

By a staff reporter:

After day before yesterday’s bearish move & lower closing below 17000 and yesterday’s complete reverse bouncing move with opening above 17100 , taking support near 17070, High 17213 & closed at 17167– above 100DSMA 17122/140 range. Day to day basis up 184 points or up 1.08% .



The Option Table data indicates decent support at 17000 and reasonable resistance at 17300.



Trending move is expected beyond the range.



As per last 2 days bouncing Nifty has taken two strong hurdle zones on the higher side around 17230 & 17330 areas. As long as sustains below 17230-17330 - fails to cross & decisive close above-mentioned resistances, aggressive buying will not come. So said levels will be immediate trend deciding levels & trading below said levels biasness will be weak, immediate support zone to placed at near 17050 & 16950 zone. Monday initial low 16800 is the base support for this week.



On the upside :-



So once we are above 17230 as a swing basis rally may possible towards17262/ 17296 & then above 17341—17400.



On the Down side:-

Bears will have chance below 17135 for a move back to 17083—17050 & then below 16992--16934.



For Bank Nifty Spot:-



Low made was 35805 so bulls got entry and High 36445. Closed at 36365 +669 D to D basis.



Positive above 36420/470 Resistances are 36666, 36735 and 36845

Weakness below 36285 Supports are 36160/35995 & then 35840 and 35600.

Source : Eureka

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