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 Good Morning Traders, PRE MARKET ANALYSIS by Shyam..

Date: 22 Dec 2021,

SGX Nifty: -57
US MARKETS: POSITIVE
EUROPE: POSITIVE
ASIAN MARKETS: POSITIVE

NIFTY & BANKNIFTY LEVELS FOR TODAY.
Nifty 50 Resistance: 16789, 16849, 16940
Nifty50 Support: 16721, 16676, 16606, 16566
Bank Nifty Resistance: 34775, 35057, 35315
Bank Nifty Support: 34386, 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 Green. What a turnaround in US markets and major markets are following the same. Still Omicron cases are surging around the world. Coming to our markets, if we see a gap up – sustainability is the question? Nifty 50 formed a doji candle and not able to break previous day low, which is good for bulls. If our markets also goes up, then 17200 is range can be tested in near time before deciding the direction. For intraday, if trading above 16950 – will go long or if its strucked in yesterday range we will go with scalping for small gains and stay lite. As volumes are very less is a big concern for option buyers, so plan your trades accordingly.

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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