Pre-Open Tech Analysis for Nifty Spot for 29-12-2021

By a staff reporter: 

Yesterday Nifty Spot opened at 17177 with a bullish Gap & this was the 2nd consecutive surging.
Day’s High = 17250 & closed at 17233. Day to Day basis rose 147 points and formed a bullish candle on the daily charts. This week in last 2 days Nifty bounced from 16833 to 17250 ( 417 points ).

Initial morning Gap Range was 17112—17161 & within this Gap crossed 2 important barriers 100DEMA 17141 & 20DEMA 17171. Gap itself & both levels will act as crucial support zone for next move.

Though medium term trend is still down as long as below 17400 (minimum) but Immediate basis overall structure seems positive as the index managed to hold above 17000.

As support shifts higher to 17000 and 17150 zones & if Nifty has to hold above 17150, this upmove may extend towards above 17300 say even 17360/70 subject to cross 17270 <30dsma>. 17400 is the very strong barrier for this bullish journey.

Source : Eureka

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