Nifty Accumulate longs with the stop loss of 17100 [01-02-2022]

Our advise is to accumulate longs with the stop loss of 17100 levels. On the higher side 17400-17500 level will act as a resistance where we have seen Call writing. Any close above 17500 level would result into further short covering which might push Nifty to even 17650-17700 levels.

Nifty Outlook for Today [01-02-2022]

“Yesterday’s Doji as well as 17390’s stiff resistance, signal caution, but not enough to suggest a deviation from the 17500-700 trajectory that Nifty has been on for the last few days. Bearish range extremity for the day is seen as 17090, with 17225 serving as the downside reversal NIFTY level.

Nifty Trading band seen between 17600 to 17100

Options front, ITM call writers shifting base higher as covering seen from 17000 to 17300 strikes while aggressive put buildup seen on 17300 puts adding ~1.23mn shrs in fresh OI. Nifty trading band of 17600 to 17200 seen on event day.

• Gold Technical Price Outlook – Below $1767 Target $1720——$1697, Sell on Rise – Neal Bhai
• Nifty Intraday Next Target 10280—10210 – Neal Bhai Reports
• Silver MCX Intraday Outlook: Sell On Rise UpSide Resistance Key 39444
• Bank Nifty Future Price Support Zone 21500 Above, Target 23500—25100 (Positional), Buy on Dips
• Nifty Future Tips (Positional) Below 11210, Any Rise Sell Target 10500—10275 Trading Call – Neal Bhai

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