Nifty 2017-above 7960 remain bullish tgts 9095-10125

Nifty future 2017 yearly technical analysis

Nifty future 2017 yearly technical analysis

Nifty future this week closed at closed at 8420 with gain. This was third weekly gain for nifty future. On long term chart, nifty has taken support below 7960 level and given strong bullish rally from that point.   For 2017, nifty future major base support is 7960 on weekly closing basis. Above it 2017 nifty future outlook remain bullish and strategy remain invest on dips. On upside nifty future 2017 my technical targets are 9095 and then on fresh breakout above 9095, investors can expect upside up to 10125. Weekly closing above 10125 with strong price action and on strong volume mean’s super bullish market for nifty for targets for 11300 to 12300.   On long term chart, nifty future indicators are bullish and oversold so more probability of upside. But if due to any circumstances nifty future given weekly closing below 7960 then sustain then that will be exit signal for investors. In that scenario, if technical favors then we might see downside for nifty up to 7100 levels. Below 7100, my next long term support level is 5450.

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Pramod Baviskar

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