Nifty Banknifty outlook for 5th December 2016

Nifty hit low below 8100 expect bounce back rally

Nifty hit low below 8100 expect bounce back rally

Nifty future on Friday closed at 8110 with loss. Nifty future as expect trending down below 8280 levels. On last session we saw swing low around 8090. Nifty future price trend and momentum both are down and nifty as expected heading down. But it is technically trading in oversold and this second leg of weakness might be buying opportunity. In short term expect downside volatility.   For Monday, my nifty future outlook is bullish and expect short covering rally up to 8280 on upside. If hold 8090 then it will be buying opportunity for targets 8220 and 8280.   Trend only chart on bullish side if nifty future weekly closing happens above 8280. Nifty future traders with small stop loss below 8090 can take long view for target 8220 and then 8280. Nifty option traders can buy nifty 8300 call option of Jan expiry with stop loss for short term gains. Nifty weekly chart still bullish and suggesting big rally ahead in longer terms.   Banknifty future hit low 18221 tgt 17750

Banknifty future hit low 18221 tgt 17750

Banknifty future on Friday closed at 18335 with loss. Bank nifty future price trend and momentum both are down. Banknifty hit low around 18200 and my first downside swing target if at 17750.   Bank nifty future is trading in oversold zones on daily chart and I am expecting technical bounce back before big downside. Risky future traders can buy banknifty future with stop loss below 18200 and for targets 18550 to 18750. On upside 19000 is major pivot hurdle and below it bank nifty month outlook remain bearish. Bank nifty option traders can buy banknifty 19000 call options on decline with stop loss for short term gains on short covering rally.   Banknifty weekly chart is very bearish and fresh breakdown suggesting downside target of 17300.

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Pramod Baviskar

Professional Market Trader And Owner Of Dalal Street Winners Advisory And Coaching Services. Working Since 2007 And Online Presence Since 2010. We Provide Highly Accurate And Professional 1 Entry And 1 Exit Future, Option, Commodity, Currency And Intraday Stock Tips On Whatsapp With Live Support And Follow Up.

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