Nifty future daily chart analysis
Nifty future of February expiry last closed at 10750 with loss. In this week we saw 1 upside day and 4 negative days. Nifty future as expected given correction towards 10800 and then failed to recover which resulted in breakdown towards 10600. Below 10800, nifty future will remain weak for February, and on downside 10600 and then 10400 are target zones for this downtrend. On Friday we saw low of 10641 and nifty almost hit 10600 target in single session after breakdown. On daily chart indicators are bearish and heading towards oversold zones. Traders below 10800 keep bearish view and follow sell on rise strategy with stop loss. On downside 10600 then 10400 are major supports as well as target zones for this breakdown. Expect reversal of trend above 10800 level only.
In this week, Nifty 11000 put options rallied from low of 154 to 372 rupee means 218 rupees or 141% gains for put buyers. For next week, watch nifty 10800 put options of March expiry, which will remain as buy on dips for big gains if nifty trades below 10800 resistance.
Now let the look at
Nifty future weekly chart analysis
Nifty future on weekly chart showing loss for this week on account of profit booking and fresh selling. This was first weekly loss for nifty future and prices are back towards 10600 support zone. This week bar is almost 300 points long and suggesting strong underlying selling here. Here below 10870 level nifty will remain sell for long terms and on downside 9950 and then 9050 will be bearish target zone for this downside in this year. Expect uptrend and upside for prices only above 10870 on weekly closing basis.
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