nifty future weekly : support 7470 target and resistance 7925

nifty weekly technical analysis for 21 to 25 march 2016

nifty weekly technical analysis for 21 to 25 march 2016

Nifty future this week closed with gain. This was third gaining week for this index. In these 3 weeks nifty future rallied from low of 6833 to high of 7600+. Total 800 points Bull Run in very short time.   Nifty weekly chart price trend is down but momentum still on recovery side. On downside 7470 is major support and above it keep long view for target 7925. But as other major global market at topping out stage. I didn’t expect much more upside from here. On downside below 7470 next major support is at 7125 and that will be correction wave target.   Future traders must keep wait and watch strategy and take short or long decision on levels. Option traders book call options profit and take ITM put options buy and accumulate view on decline.

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Pramod Baviskar

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