nifty 6950 almost achieved next historic support 6840

nifty technical analysis report for 26 feb 2016

nifty technical analysis report for 26 feb 2016

Nifty future today expired at 6970 and closed almost at day low. Nifty future almost achieved my given tgt of 6950. On downside 6840 is historic support and nifty might test this level and then decide next major move. For nifty traders holding shorts in profit must trail stop loss above 7040 for tgt 6840.
 
For fresh long-term investors, 6840 will be buy and addition levels.
Options traders with ITM put options of March series trail stop loss for profit addition. Look like this year nifty might record bottom around 6400!!
 
Nifty intraday reversal expected above 7040 level only. In that scenario expect swing high target up to 7090.

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Updated: 05/06/2017 — 4:52 AM

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Pramod Baviskar

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