Nifty future daily chart technical analysis
Nifty future of December expiry last closed at 10914 with gain. Nifty future on daily chart is trading above major short term averages and tending higher in overbought condition. For month of December, nifty future above 10700 will continue to trend higher towards my December series targets of 11150 and then possibly 11400. But if slips below 10700 as future are in overbought condition. Then expect deep correction as well as downside up to 10450 to 10000. Traders keep buy on dips view in nifty future above 10700 only with strict stop loss. Below it go short for big downside and expect panic selling up to 10000. In my view and experience, Nifty most likely to go below 10700 and might show 10450 to 10000 levels, so stay alert.
Above 10700, option traders keep buy on dips view in nifty 11100 call options of January expiry for big targets but if nifty slips below 10700 then exit from call options and follow buy on dips view in nifty 10700 put options for this series.
Nifty future weekly chart technical analysis
Nifty future on weekly chart showing big gains for this week on account of major short coverings. In last 5 weeks 4 were positive and 1 was negative suggesting overall bullish bias of the market. On weekly chart nifty future above major weekly averages with buy signals on indicators and oscillators. Here nifty is in bounce back mode and if bounce back is over then expect nifty might resume correction phase towards 9750. On weekly closing basis watch 10600 zone closely and below it expect correction phase continuation towards 9750. Till the one can still hope for upside targets of 11400 to 12250.
Nifty future Monthly chart technical analysis
Nifty future in month of November rallied from 10350 to 10950 almost 600 points rally from bottom to top. Almost covered more than two third of the losses of October series. In that month nifty tumbled from 11090 to 10030. Means almost 1000 points plus losses. For month of December, technical levels will remain crucial. Here watch 10700 support above it expect short covering to continue towards 11400 but below it expect deep deep downside.
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