Nifty future chart technical analysis
Nifty future of December expiry last closed at 10584 with strong recovery on short covering. As expected nifty given breakdown below 10700 and hit 10450 TGT with sharp gap down and low around 10355. Now expect some bounce back and consolidation before next major move. Below 10450 next major support as well as next bearish target zone will be around 10000 and around those levels expect panic in markets. Below 10000, next major and long term level to watch is 9750 level. Expect reversal and uptrend above 10700 only. As expected market tuned volatile and remain volatile ahead for few days.
Nifty 10500 put options rallied from 93 to 194 and given almost 101 or 108% returns to put option buyers. Now 10700 put options will remain buy on dips with strict stop loss above 10700. If nifty future goes to next support of 10000 then expect big gains in this in the money option but keep strict stop loss for each and every position.
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