Nifty future below 8285 remain sell Targets 7860 and 7500
Nifty December expiry future today closed at 8209. Nifty future price trend is down but momentum was on recovery side.
For month of December 2016, nifty future below 8285 remain weak and sell. Today downside move suggested same. On downside my nifty monthly targets are 7860 and then 7500. From technical view look like another storm is coming for market. price pattern are weak but indicators are mixed and suggesting upside for index.
If breakout above 8285 on daily closing basis then expect uptrend and upside targets of 8640 and then 9065 for this series. But currently as nifty future is trading below 8285, future traders must keep sell on rise view and expect targets of 7860 and then possibly 7500 till end of this series. traders keep nifty 8200 put options as buy on dips view with stop loss for big gains in medium terms. Below 8285, exit from all long type positions and keep sell on rise view on bearish positions.
, showing that index has taken support at 8155 but daily chart price pattern suggesting we might see deep downside here from medium term view.