nifty failed breakout=reversal tgts 7050-6850

nifty future technical analysis for 24 feb 2016

nifty future technical analysis for 24 feb 2016

Nifty future today closed at 7108 with a huge loss. After breakout above 7205 nifty tried to sustain but the weak sentiment, as well as the lack of buying, was the reason for failed breakout. Below 7205 now expect bearish sentiment to take over and nifty future might head towards supports as well as targets of 7050 and 6850. Options traders can look forward to buying in them money nifty put options of next series with a short-term view. Reversal only happens if nifty future gives closing above 7205.

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