Nifty December expiry future today slumps at 7715 with the loss of 95 points. Nifty spot closed just above 7701. Nifty at 7715 level as suggested in our weekly nifty report. Now from here if selling continues then next target will be 7580. And reversal from here will be strong and its target will be around 7995.
For tomorrow, nifty spot intraday support levels will be 7685 and 7640.while on upside 7715 and 7800 will be resistance zones. Intraday traders can take advantage of bearish momentum and go short but short to medium term traders and investors still keep buy and accumulate view with risk-based stop loss.
Nifty weekly closing below 7700 will be very bearish and in that scenario, there is the high probability of new low for the market.
Future traders use 7640-7700 volatile zone to enter long for targets 7800+. Options traders keep buy and accumulate view for 7800 call options on the decline.