nifty future outlook bullish and strong resistance at 7470-7500

nifty technical analysis for 9 march 2016

nifty technical analysis for 9 march 2016

Nifty future today closed at 7453 with loss. We saw positive opening but profit booking as well as strong supply at 7470-7500 zone put pressure on market and ended in red.   For tomorrow, nifty has strong resistance at 7470-7500 zone and closing above it will open door for my target 7925. Nifty outlook above 7350 on closing basis remain bullish and strategy remain buy on dips.   On downside, 7380 and 7275 are major short term averages support levels and fresh buying zone on correction with strict stop loss as per risk. On correction option traders can use 7900 call option of next or far months to buy and accumulate.

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Pramod Baviskar

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