nifty future weekly technical analysis for 7 to 11 march 2016
Nifty future this week closed with strong gains. From low of 6833 to high nearly 7500. Total bottom to top rally of 700 points in just single week. After bulls capitulation now time to do some short squeeze.achieved my given target of 7470. Now above if sustain expect target of 7925 in short time. Expected in next 1 to 3 weeks period. Price trend from medium to long term still down but momentum is strong bullish on value buying as well as sharp short covering. 7470 will now act as support and below is 7370 is small support levels. Major support is at 7125. If nifty cross 8175 on monthly closing basis then sentiment from long term view become bullish. In that scenario expect 8900 and 9800 targets for nifty till end of 2016. Below 8175, recovery is just a bounce back rally.