nifty F&O report for 20 October 2016

nifty F&O report for 20 October 2016 Nifty future today closed at 8661 with the loss. After yesterday’s rally index seen some profit booking as well as strong supply around 8700 level. Nifty future is in a downtrend but momentum is building for recovery phase which might continue this week. For tomorrow, nifty future intraday support zones are 8620 and 8550 while on upside 8690 and then 8730 are major resistances as well as target zones. Nifty future traders keep buying on dips view with a strict stop loss below 8620 for intraday targets 8690 and 8730. Swing traders long positions stop loss should be below 8550. On option side, traders can buy nifty 8900 call options of November expiry on the decline for intraday gains. If this recovery rally gets support from the global market and cues then expect this rallies target at 8895 and expect nifty 8900 call options big returns. Nifty weekly chart technical setup suggesting this time we will see new high on nifty future in medium to long terms. For nifty option tips on WhatsApp with support and follow-ups join our future tips service.

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Pramod Baviskar

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