nifty future technical analysis : expect 7815 in next week

nifty future technical analysis 12 june 2015

Nifty future is trading at 7960 with flat gain for the day. On daily chart nifty spot price trend and momentum both are down. For intraday 7950 and 7920 are strong supports while 7980 and 8040 are strong resistances.

From positional view or short term view, nifty is definitely heading towards target of 7815. On upside 8125 is strong resistance. As daily chart indicators are oversold expect short covering relief rally in between. But nifty might not cross 8125 on closing basis. On bounce back near 8100 it will be fresh shorting opportunity for traders who missed last fall.

Expect high volatile moves in market mostly on downside so keep tight stop loss. If sustain near 7815 then it will best buying opportunity for nifty, bank nifty and stock with short term perspective.

Below 7815 with price and volume means complete breakdown of market with panic target 7600 to 7400. That scenario is less likely to happen until something horribly goes wrong in world.

Expect this trend reversal above 8310 spot level only on closing basis with strong price and volume action. Till then traders must keep sell on rise strategy. Small traders can play the market with in the money put options on declines.

From monthly closing basis, if nifty gives closing below 7950 then expect 7600 and below in next 3 to 6 months.

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Pramod Baviskar

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