nifty future achieved both side target-outlook remain buy on dips

nifty future techncal analysis for 1 march 2016

nifty future techncal analysis for 1 march 2016

Nifty future today closed at 7014 with loss of 40 points. On budget day we seen historic volatility in nifty as well as banknifty index. Nifty achieved my both side targets. First it tested 6950 and 6840 exactly and then intraday short covering rally up to 7127 was seen.   Almost 300 points swing in single session might wiped out many traders. Which is good as weak hand get wiped out strong hands get hold on market.   For tomorrow outlook remain bullish and for now 6840 will remain as bottom as well as strong support zones. Above it keep buy on dips strategy for targets 7100-7205. 6950 is best buy zone in weak session.   Option traders who brought nifty on support zone minted huge profit on my suggestion. nifty 6800 put option as well as nifty 7100 call option given tremendous return in intraday option trading.

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Pramod Baviskar

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