Nifty future & options technical analysis for 19 to 23 November 2018.
Nifty future daily chart technical analysis
Nifty future of November expiry on Friday closed at 10690 with gain. On daily chart nifty future price trend is bullish and momentum is slowly building on long side.
Nifty future on chart has 5 days average around 10625 which will be buying zone for traders. Traders can follow buy and accumulate view around 10550-10650 zone with strict stoploss below 10450 for big upside targets. On upside 10710 and 10810 are 50 and 100 days average levels and strong hurdles as well as target zones for this bullish move. This week we saw nifty touched 50 days average.
Above 10900 expect medium term reversal from correction to bullish. Nifty daily chart stochastics is bullish & overbought zones with fresh upside signals. Nifty daily chart MACD is above zero with bullish divergence suggesting bullish momentum.
For month of November, nifty future above 10470 will remain buy on dips and on upside technical target zones will be around 10900 and then 11500. Nifty 10900ce December expiry this week rallied from 87 to 149 and given 72% returns for buyers. For next week nifty 10900ce December will remain buy on dips for big upside targets!!
Nifty future weekly chart technical analysis
Nifty future on weekly chart showing gains for this week. This was the third gaining week for nifty and in these 3 weeks nifty future rallied from 10055 to 10710 means 650 points recovery rally.
On weekly chart, nifty future is trading now above 5 and 50 weeks averages of 10580 and heading towards 20 weeks average level of 10795. On chart look like nifty bottomed out around 10000 and now bouncing back towards previous high of 11755!!
From medium to long term view, nifty future above 9750 remain buy and accumulate and on upside targets were 11400 and then 12250. Out of which nifty already done 11400 and now after correction if this rally sustains then expect 12250 level till end of 2018. If not then expect 9750 on downside at the end of this bounce back move in medium terms. Weekly chart stochastics is oversold with buy signal suggesting buy and accumulate strategy. Weekly chart MACD is below zero but with recovery signals.
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