nifty breakdown- expect reversal above 7890 only

free nifty future and option tips for 4 December 2015

free nifty future and option tips for 4 December 2015

Nifty Dec. expiry future today closed at 7890 with the loss of 72 points. Strong profit booking has been seen in the market. Nifty spot gave reversal just below its 50 days ema which is a very bearish sign. Today was a straight 4th losing session for the market.

 

On downside as I already suggested 7840-7840 is strong support zones. If anyone bought nifty in that zone keep a stop loss below 7800 and expect upside swing target of 7985 on a reversal. Below 7800 next support will be 7720 and in follow up selloff expect 7720 to get tested. Strong reversal is expected above 7890 only.

Options traders hold nifty 7800 call options with a stop loss below 100 for targets 250+.

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