Nifty future daily chart technical analysis
Nifty future of January expiry last closed at 10910 with gain. For month of January, nifty future above 10750 will remain strong and buy on dips for upside targets of 11150 and then possibly 11400. But 11000 level is major hurdle and on indicators side nifty showing weakness and expect retracement towards 10750 level and then next big move. If nifty future breaks below 10750 then expect 10500 and 10100 levels on panic selling. In my view, nifty most probably give breakdown and then head lower. Below 10750, option traders must follow buy on dips view nifty 10800 call options or risky traders can buy this option right now with stop loss at 11050 and for big downside target. This week nifty 10900 call options rallied from low of 80 to highs of 175 rupees.
Nifty future weekly chart technical analysis
Nifty future on weekly chart showing gains for this week on account of recovery from lows. This was first positive week after last week’s profit booking.
For 2019, nifty future major support is at 10850 and below it expect long term downtrend and lower levels of 9900 and then possibly 9050. But if sustain above 10850 then uptrend will continue and we might see 11700 to 12700 bullish buying levels. But weekly char indicators and oscillators are overbought positions so there is more probability of breakdown and bearish trend in 2019. In panics, below 9050, next long term support will be around 8100 and then 7200 levels.
Nifty future Monthly chart technical analysis
Nifty future in month of December showing losses till 28th December 2018. This month closing is more of flat negative and after last month’s strong recovery we saw high volatile moves in this month. This month’s bar is with 650 points range and negative closing. On chart look like 11000 to 11200 level is major hurdle and nifty might not cross that level soon.
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