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Good Morning Traders, PRE MARKET ANALYSIS by Shyam..

Date: 20 Dec 2021,

SGX Nifty: -110

US MARKETS: NEGATIVE

EUROPE: NEGATIVE       

ASIAN MARKETS: NEGATIVE

 

NIFTY & BANKNIFTY LEVELS FOR TODAY.

Nifty 50 Resistance: 17068, 17102, 17165

Nifty50 Support: 16928, 16890, 16788

Bank Nifty Resistance: 35711, 35906, 36124

Bank Nifty Support: 35528, 35315, 35057

(Mark these levels on your Chart)

 

Our View: As Sgx Nifty indicates, Nifty 50 is likely to open on Negative Note. All the world major markets are trading in Red, as global cues are negative due to worries on Omicron variant and Federal’s decision. Overall the market structure looks weak, Nifty 50, Bank nifty both are below 100 SMA and next bigger support at 200 SMA. Bank nifty is about to break the 200MA also, if it breaks – new sellers will come and it will become weaker than Nifty 50. We are nearing to December ending, since it’s holiday or festive season for US & UK, volumes are going to decrease. Keep an eye on this while trading. So sell on rise will give you best rewards, till a strong break on upside.

For short term view: Till it breaks the major Upside i.e. 17700 – 18000 Level band, will continue our view as BEARISH only.

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