Weekly nifty F&O tips for 21 to 25 November 2016
Nifty future this week closed at 8070 with loss. This was forth losing week for nifty future and in these 4 weeks nifty future tumbled from high of 8750 to low of 8050. Total 700 points loss in 1 month for this major index suggesting underlying heavy profit booking by investors.
Nifty future technically achieved my almost all downside targets. Which are 8490-8335-8165 and last one was 8005 where we saw low of 8040 in this week. Nifty future price trend and momentum both are very bearish but in my view prices are at bottom and here is best buying as well as investing opportunity.
For next week, nifty might bounce back and hit upside targets of 8165 then 8335. Super bullish recovery as well as short covering rally might take nifty up to 8490 to 8665 in medium terms. Option trader’s use next month or far month nifty 8400 and 8500 call options as buy on dips for big gains in medium terms.
Long term investors keep buy on dips view for minimum target of 8880.
Weekly Bank nifty F&O tips for 21 to 25 November 2016
Bank nifty future this week closed with heavy loss at 18980. This week bank nifty future high was at 19900 while low was near 18900. Total 100 points drop on strong profit booking after last week’s strong short covering rally.
On upside bank nifty future achieved my given target of 19460 and then 20050 when on one in market was bullish. This week banknifty hit lower target of 19000 and now heading towards previous low of 18400.
Bank nifty future price trend and momentum both are down but 18800 and 19000 is strong demand area and banknifty future possibly will take support around this levels and give strong reversal.
On reversal, expect bank nifty future targets at 19460 and 20050 again. Option traders can use next month or far month bank nifty 19500 and 20000 call options as buy on decline with stop loss for big gains.
Long term investors, below 18800 keep buy and accumulate view for minimum target of 20800+.