Pre-Open Tech View of Nifty Spot for 09.12.2021 & onwards

By a staff reporter: 

Yesterday Nifty gave an extended gains for 2nd consecutive day with Gap up rising almost 300 points or 1.71% to 17470~ formed a bullish marubozu candle on the daily scale. Dovish RBI Monetary Policy, positive G cues pushed the Index sharply higher.

As the RBI policy is behind us, traders eyes will be on global cues upcoming macro data (IIP & CPI) and

Forthcoming FED decision. Number of IPOs are also lined up. So they should remain cautiously optimistic in such volatile scenario.

On the upside Swing basis :-

Last 2 days reverse surging maintaining support 16900 & 17000 which has erased the negative sentiment created by last Friday and this Monday.

Almost W formation with higher bottom & this V shaped recovery are positive indications for the short term but that to be confirmed only after stable crossing above 20DMA 17500--17600 & 30 DMA 17666 which are to be acted as coming hurdles.

On the down side Swing basis :-

Yesterday Nifty Formed a Gap in between 17250-17310 that to be acted as support taking a crucial support 100DMA @ 17200. That level should hold otherwise any failure to sustain above this area is likely to trigger further weakness.

For Intraday Traders :-

17575-17620/666 can act as strong resistance zones.

Some profit-booking at higher levels cannot be ruled out.

17420 -17350 will act as key intraday supports.- Further Buying areas on dips

Bank Nifty has support at 36900/36700 and resistance at 37700/37900.

Source : Eureka

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