Nifty future weekly-achieved 8340 hit high 8468
Nifty future this week closed with loss. This is first weekly loss for this index future after last 3 weeks strong bullish run. On daily chart, nifty signaling early trend reversal signs. Nifty future achieved my positional target of 8340 and hit high around 8470. My next target was 8515 but look like nifty will not achieve that due to global factors. For next week, traders watch 8340 support zone. Ifcloses below it then expect deep downside up to 8120 in month of January. Reversal from 8340 will be best buy opportunity for target 8515. Nifty future daily chart is with round topping price pattern which is very bearish and sell signal for swing traders.
Banknifty future weekly- hit my given tgt 18750-19300
Banknifty future this week closed at 18857 with loss. This is first negative week for banknifty future after last 3 weeks positive closing. Banknifty future achieved my given both positional targets of 18750 and 19300 from 18200. Almost 1100 points gains from buy level in 2 weeks period. We saw big gains in banknifty 18000 call options of January series. Fridays strong negative closing suggesting reversal for this banking index. On downside 18750 is support zone and if it get breached on daily closing basis then expect deep downside for banknifty future. Below 18750, banknifty future bearish technical targets comes around 18200 and below it trend will change to bearish side for tgt 17600. Market may remain volatile on trump news as well as budgets news flow. 19250 is top and stop loss for short sellers.