Nifty future in month of September, closed at 9795 with loss. This was second losing month for nifty future and in these 2 months nifty future tumbled from highs of 10188 to low of 9695. In September, nifty future hit high at 10188 while recorded low of 9695 and closed near low. Total almost 500 points month range and another weak closing for nifty future on correction.
For month of October, nifty future below 9900 will remain weak and bearish and trading strategy remain sell on rise with stop loss above 9950. On downside nifty future will have support as well as sell targets around 9610 and then 9405 for October series. If gives reversal and sustain above 9900 then that will be strong buy signal for short covering rally up to 10100 to 10390 levels.
Daily and weekly chart price pattern and indicators and oscillators are weak and with sell signal.
For future traders, nifty future outlook below 9900 remain strong bearish and trading strategy will remain sell and accumulate. On downside 9610 is first target zone and then 9405 will be next target level. If nifty future gives reversal and sustain above 9900 then exit shorts and follow buy and accumulate strategy for target 10100 and then 10390.
Nifty option traders below 9900 resistance, keep buy and accumulate trading strategy in nifty 9900 put options of this expiry or nifty 9800 put options of next expiry with stop loss for big gains in month of October. We already saw nifty 9900 put options of October expiry rallied from low near 45 rupee to highs of 226 rupees in month of September.