nifty achieved 7050 next support 6950-6840

nifty future and option technical view for 25 feb 2016

nifty future and option technical view for 25 feb 2016

Nifty future today closed at 7023 with another bearish session. Lost almost 90 points and heading towards previous low of 6875. 21% cut in open interest suggests trapped long getting out from the market with pain. Technically here below 7050 nifty next support as well as target zones will be 6950 and 6840.   Future traders with short positions must trail stop loss for target 6950 and if conditions get worse then 6840 for sure. Options traders with ITM put option minted lot of money today and they also can trail stop loss to their winning positions.     Any reversal above 7050 on sustain basis has reversal target at 7205!!

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