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 Good Morning Traders, PRE MARKET ANALYSIS by Shyam..

Date: 21 Dec 2021,

SGX Nifty: +76
US MARKETS: NEGATIVE
EUROPE: NEGATIVE
ASIAN MARKETS: POSITIVE

NIFTY & BANKNIFTY LEVELS FOR TODAY.

Nifty 50 Resistance: 16720, 16789, 16849
Nifty50 Support: 16606, 16566, 16486
Bank Nifty Resistance: 34775, 35057, 35315
Bank Nifty Support: 34108, 33887, 33716
(Mark these levels on your Chart)

Our View: As Sgx Nifty indicates, Nifty 50 is likely to open on Positive Note. All the world major markets are trading in Red, as global cues are negative due to worries on Omicron variant. Nifty 50 is about to touch 200 DMA, if it breaks can see good fall in coming days. If it holding, expecting a consolidation phase for some time to decide the direction. As we discussed yesterday, Bank Nifty broken 200 DMA and we have seen the super fall, BNF have to hold the 200 DMA – if failed, we can see 32000 very soon. Will wait till 10am for clear trend to enter, if gap up is not sustaining then a sell off, but major supports are there. Then it will struck in range bound, plan your trades as per these scenarios.

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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