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Pre - Market Analysis (3rd December 2021)

  1. U.S Markets closed 650 points higher yesterday.
  2. Omicron fears seems to be subsiding now in the Markets.
  3. Dow Futures are Asian markets are slightly lower.
  4. SGX Nifty is down 30-40 Points.
  5. Last 2 days been a positive surprise for the Bulls.
  6. Markets have rallied 400 points in last 2 trading sessions.
  7. Yesterday last 1 hour huge short covering scaled up Nifty to 17400.
  8. FII's were net sellers even yesterday but sold for less than 1000 crores.
  9. Is everything fine and are we out of the woods yet?
  10. I don't think so.
  11. We have multiple resistances for Nifty near 17450 , 17500 and 17600.
  12. 17600 is the most stiff resistance of all and Nifty has reversed 2-3 times from there in the past.
  13. 17200 is a good support now.
  14. So now the range seems to be 17200 to 17500.
  15. Markets are quite volatile and there have been large moves almost on an everyday basis.
  16. 17000 PE continues to have the highest open interest in monthly options.
  17. Larger range would be 17000 to 17600.
  18. Market seems to be overextended now on the upside.
  19. 17250-17300 dip towards Intraday could be a good place to go long.
  20. Nifty might Trade between 17200-17500 today.


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