NIFTY future might test previous lows 8490-8415

NIFTY future might test previous lows 8490-8415 Nifty F&O technical report for 8th November 2016 Nifty future today closed at 8508 with gain. As expected we saw technical bounce back up to 8560. My bounce back target was 8580 and nifty future hit high of 8560. Nifty failed to sustain this bounce back and with today closing, price and indicators pattern suggests nifty will touch previous lows of 8490 and then 8415. Below 8490, nifty future swing target is 8335 which is possible if US election worst outcome comes true.   On upside nifty future has strong resistances at 8555 and then 8590. On downside 8490 ad 8415 are nifty short positions targets for future traders. Nifty option traders can buy nifty 8500 put options around 90 to 100 rupee premium with stop loss for targets 145 to 180 in short terms.   Swing nifty traders watch closing below 8490 and then expect target of 8335. At 8335, expect nifty 8500PE to rise up to 200 to 250 rupee.

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Pramod Baviskar

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