NIFTY BANKNIFTY AUGUST EXPIRY TECHNICAL CALL UPDAT
NIFTY FUTURE today closed at 9878 with loss. In last 4 trading session nifty future tumbled from 10119 high to today’s low of 9803. Almost 320 point’s loss for nifty future in only 4 trading session.
Nifty future for august series opened strong above support of 9920 but profit booking as well as US-North Korea Risk factors making pressure on domestic as well as global markets. Now nifty is trading below 9920 and entered into bearish trend on daily chart for this series. Below 9920, nifty future will remain sell on rise and on downside my bearish target zones are 9675 and then possibly next bearish target will be around 9280. Below 9920, nifty option traders keep buy on dips view in nifty 9900 put options of august expiry with stop loss for almost 50 to 100% returns.
Nifty future on weekly chart, showing big sell off bearish candle and with topped out price patterns. On weekly chart major support zones are 9600 and hen 9240 level and if correction last long then expect these levels on downside in medium terms.
Banknifty future today closed at 24363 with loss and hit low of 24180 in intraday session. In last 3 trading session banknifty future tumbled from high of 25019 to low of 24180 means almost 850 points sell off in last 3 trading session. For august, banknifty opened strong above support of 24440 but then after profit booking on news flow tested support and given breakdown below it and hit low of 24180 today. Below 24440, banknifty entered bearish trend and momentum is already is bearish on global negative news flow. Below 24440, banknifty will remain sell on rise with stop loss and positional banknifty traders can expect 23750 as first downside target and then next major support as well as target will be around 22500. Banknifty option traders can use banknifty 24500 put options as buy on dips with stop loss for big 100 to 200% returns.
On weekly chart, banknifty closed below 24600 resistance zone which is bearish sign because it might trigger long term correction and banknifty future might trend lower in medium to long terms. Here 23500 and 22500 are support levels and target for correction if it continues.