Nifty future daily chart technical analysis
Nifty future of December expiry last closed at 10747 with gain. In this week we saw 3 downside days and 2 positive days. Nifty future as expected corrected from overbought zones and hit low of 10611 in this week. We saw almost 300 points drop from top. Now on Friday recovered on short covering and closed above 10700 support zone. Above 10700, nifty will remain bullish and buy for targets 11150 to 11400+. But indicators and oscillators are still overbought and with bearish signals so if price drop below 10700 then expect big profit booking as well as fresh short selling and nifty future in that situation will have sell targets around 10450 and then panic target of 10000!!
Nifty 10700PE this week rallied from 96 to 228+ and given 137% returns, and also on last session short covering rally set call options into rally. For next week, keep eye on nifty 10700 call and also put options for long sides, depending upon situation.
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 week’s big gains. On weekly chart, nifty future still looking bullish and have major support around 10650 from where we saw strong bounce back in this week. Weekly chart indicators and oscillators are bullish and suggesting upside for prices. If this weekly trend persist then expect nifty future medium to long term targets around 11400 to 12200+. If sustain below 10650 then levels of 9750 is coming for sure!!
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