Nifty future daily chart technical analysis
Nifty future of December expiry last closed at 10821 with loss. In this week we saw 3 downside days and 2 positive days. Nifty future as expected hit sell target of 10450 and given low of 10352. Then sharp short covering rally brought nifty above 10700 level. Above 10700 turned bullish and hit high around 10882. Previous top was around 10930 so below it expect this move as just bounce back and as soon as nifty breaks 10700 support, we will see seller’s comeback and deep downside level. Risky traders can go short around 10880 with stop loss for sell targets 10700 to 10450 in next week. But if nifty holds 10700 support in next week then 11150 and then possibly 11400 levels will come on sharp short covering rallies.
In this first Nifty 10700 put option this week rallied from low of 226 to 389 rupee means 163 rupees or 72% gains in put options in first 2 days of this week and then 10400 call options rallied from 148 to 495 rupees means almost 347 rupee or 234 gains on sharp short coverings. For next week nifty 10700 call options and put options both will remain in focus for traders.
Nifty future weekly chart technical analysis
Nifty future on weekly chart showing big gains for this week on account of short coverings. This was the first gaining week for nifty after last week’s sell off. On weekly chart, nifty future hovering around major averages with bullish signals on indicators and oscillators. On weekly chart 11000 top remain as crucial resistance and if nifty breaks above it then expect 11400 to 12250 levels targets in medium to long terms. But below it nifty still can go up to 9750 in upcoming months.
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