Nifty future daily chart analysis
Nifty future of February expiry last closed at 10918 with gain. In this week we saw 3 big upside day and 2 negative days. Nifty future as expected given breakdown and almost hit 10600 target and then taken support around those levels and hit 10800 recovery target and then hit February bullish swing target of 11000 on day 1 on this month. In upcoming weeks volatility will remain high but trend is now bullish and strategy above 10800 will remain buy on dips for targets 11000 and then 11200. Nifty has potential to go up to 11400 to 11600 in this series. Expect sharp short covering on each and every upside if nifty future hold 10800 supports.
In this week, Nifty 10800 calls options rallied from low of 197 to 305 rupee means 108 rupees or 55% gains for put buyers and then 10600 call options seen sharp short covering and rallied from low of 229 to 468 means 239 rupees gains or 104% gains on short covering rallies. For next week, watch nifty 10800 call options remain buy on dips for big gains if nifty hold support zone.
Nifty future weekly chart analysis
Nifty future on weekly chart showing gains for this week on account of sharp recovery from the lows. This was first weekly gains for nifty future and prices bounced back from 10600 area. This week bar is almost 400+ points long and suggesting strong underlying buying here. Here watch 10870 level closely for weekly basis, above it expect long term uptrend and below it expect long term downtrend. On upside 11750 will be bullish target while on downside 9950 will be bearish long term target. Nifty on weekly chart looking overbought but if sustain here for next 1-2 weeks then expect 11750 and then 12700 levels in 2019.
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