Nifty future hit 8005 support and technically oversold

Nifty future option analysis for 22 November 2016

Nifty future option analysis for 22 November 2016

Nifty future today closed below 8000 with another heavy loss session. Nifty future is now trading below major short term support of 8005 which is very bearish signal. But nifty future technically oversold on daily as well as weekly charts so expect short covering rally anytime. My view still on long side and risky traders can follow buy on dips view with stop loss. Market remain volatile and small traders must stay away from derivative segments.

 

Nifty future short covering rally will have targets at 8005 and then 8165. Option traders use next and far months 8300 and 8400 call options as buy on decline.

 

If nifty sustain below 8155 for next 2 weeks then it will be bearish from long term view and target will be 7200.

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