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Pre-open Tech view of Nifty Spot for 08.12.2021 & onwards

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Aniruddha Chakraborty
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Pre-open Tech view of Nifty Spot for 08.12.2021 & onwards

By a Staff Reporter:  Nifty Spot last cl 17176.70, Today’s gain +264 pts. O:17044 L: 16987 H: 17251 C: 17177

Today RBI Policy, volatile session – trade cautiously.





•    Yesterday’s low 16987 – rounded 17000



•    Day before yesterday’s low 16891 – rounded 16900



•    Previous week low & recent maximum bottom 16782 – rounded 16800.



•    Therefore higher bottom & 17000-16900-16800 all are crucial swing based supports.



•    Positionally fresh bearishness if breaches 1st 16891 & finally 16782.



•    As long as holds 17200-100 dma & crosses 17300 & sustains above that then chances are there to retest 17400 500.



•    So, extended wide range is 16800-17500.



•    But any pull back rally fails to cross 17400/500 mark & finally further breaks 16900/800 then this time chances are there to test 16400 even 16200 as per current down trend.



On the upside :-

Positive above 17222 & more strength above 17261 for a move towards 17280 & 17333.

Major 17361. Swing based very strong & cautious hurdles are 17411/444-17500.



On the downside :-

Negative below 17150 & more weakness below 17118 for a move towards 17075—17033—17000/16970. Swing based major Support 16900.



Summary :- For bullish move should hold 17120/17070 & sustain above 17222/261 but initially cautious in between 17333-17361 & mainly before 17400.



The Option Table data indicates decent support at 17000 and reasonable resistance at 17500.



Source : Eureka

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