Nifty future of October expiry today closed at 8806 with gain. Opened down but recovered from lows on sharp short covering. Nifty future intraday high was at 8825 while low was at 8750. On daily chart, nifty recovered towards its 1 week average level but still in downtrend and expect momentum to build on short side as soon as nifty broke 8745 level. For intraday expect some upside up to 8850 but above it 8880-8900 is strong resistance zone. On downside 8720 and 8655 are intraday support level. From swing trading perspective, this downside nifty future move has its target at 8620 and below. Daily chart RSI is below 50 with sell signal and also stochastic indicators showing bearish momentum. weekly chart suggesting medium to long term topping out patterns so expect sharp correction ahead. Future traders keep sell on rise view with stoploss above resistance zone and expect tgts 8720 in near terms while 8620 in short terms. Option traders keep focus on nifty 8800pe and 8900pe as buy on dips. We saw some profit today and also dips given chance to enter long.
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