Nifty future and option trading strategy for 16 Nov 2016
Nifty future today closed at 8126 with heavy loss. Currency demonetization and strong dollar hitting the market. Some panic selling seen today and market closed near days low.
Nifty future price trend and momentum both are very bearish and nifty heading towards 8005 support. For tomorrow, nifty intraday support zones are 8070 and 8000 while on upside 8240 and 8350 are resistances as well as target zones
Swing traders can use 8000 near levels to enter long for big upside targets of 8335 and then 8490.
For investors 8000 level will be golden investment opportunity.
Option traders can buy dec and Jan expiry out of the money nifty call options as buy and accumulate with stop loss for big medium term gains.
Weekly closing below 8155 will be very bearish sign and expect panic selling to extend up to 7800 to 7500 in that situation.