Nifty future heading towards last support 8005

Nifty future heading towards last support 8005 Nifty future options outlook for 17 November 2016 Nifty future today closed at 8099 with loss. Today we saw strong opening and high up to 8225. This was third losing session for nifty future after strong bounce back rally. Nifty future price trend and momentum both are very bearish but prices are oversold and in my view trading around bottom. On downside 8005 is last support and nifty future is heading toward it. From medium term view, nifty future is still buying opportunity on decline. On upside 8165 then 8335 are technical bounce back targets. Above it next medium term targets will be 8490 and 8665.   Current market is only for risky traders while small traders follow wait and watch strategy. Risky takers can buy nifty future around 8005 with stop loss for big medium term upside target. Option traders can buy and accumulate in OTM dec and Jan expiry options with stop loss for big medium term gains. Next 1-2 sessions will be last downside moves.   For investors 8000-8100 is best medium to long term buying levels with minimum target of 8880.

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Pramod Baviskar

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