Nifty future & options technical analysis for 26 to 30 November 2018.
Nifty future daily chart technical analysis
Nifty future of November expiry last closed at 10518 with loss. In this truncated week we saw 3 downside days and 1 positive day. Nifty future is in still uptrend and hit 10779 high in this week. Now nifty future is correcting towards 10470 support level. Traders must watch 10470 support zone closely, if nifty future slips below 10470 then expect short term downtrend and lower levels up to 10200 to 10000. If nifty future takes support around 10470 then expect upside up to 10900 and above so keep wait and watch trading strategy. Nifty daily chart stochastic is off the high and coming off from overbought zone. MACD is positive but retracing towards zero.
Nifty 10900ce this week rallied from 142 to 177 on day one and given 25% returns. Here watch for reversal or breakdown then go long in 10500CE or 10500PE of December expiry for big gains.
Nifty future weekly chart technical analysis
Nifty future on weekly chart showing loss for this week on account of profit booking. This was the first losing week for nifty after last 3 weeks bounce back. On weekly chart, nifty given downside move from 20 weeks average suggesting strong supply around those levels. If nifty fails to cross 20 weeks average then that will possibly result in resumption of corrective trend and nifty might head for 9750 long term support. If nifty future gives breakout above 10780 which is its 20 weeks average then expect 11400 to 12250 in longer terms. Nifty future Weekly chart indicators and oscillators are still in bearish zones but bullish crossovers and divergences.
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