8 December 2015 nifty intraday technical report


Nifty December expiry future on Monday closed at 7811 with the loss of 9 points. Nifty intraday high was around 7860 while low was at 7790. Total 70 points or 1% intraday swing and another weak closing for nifty. Almost 3% fresh short addition saw on open interest.
For tomorrow, nifty intraday support levels will be 7757 and 7715. 7715 is most important support levels as we seen in nifty weekly outlook.
On upside expect resistance from the market around 7860 and 7950. The nifty outlook remains flat to bearish. Yet traders must keep buy at lows strategy with short to medium term view.
Future traders use near 7700 levels to buy and accumulate with stop loss. Option traders use nifty 7800 call options for the same.

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Pramod Baviskar

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