Santosh Meena, Head of Research, Swastika Investmart

The Nifty50 is continuing the Santa rally, however, 17,250 is an immediate and important hurdle that Nifty has to take out for further move towards 100-DMA (daily moving average) which is currently placed at 17,400 level while 17,500/17,600 will be the next resistance levels.

On the downside, 20-DMA of 17,150 will act as an immediate support level while 17,000 will be the next important support level. The bias is looking positive where it will be interesting to see whether bulls manage to take Nifty above 17,250 or not.

If we look at the derivative data then Put writers are looking confident and have a strong belief that Nifty won't fall below 17000 before the expiry while the upside is open up to 17500 level. Put writers have become active in 17200-17100 territory therefore 17200-17100 area will act as an immediate support zone.