nifty intraday supports 7580-7560 TGT 7770

Nifty December expiry future today closed at 7708 with a gain of 65 points. 3.5% open interest suggest today’s gains mostly on short covering with little buying. Nifty today hit low around 7640 and given smart recovery.

For tomorrow, for intraday traders nifty on the downside will have support around 7680 and 7660. On upside 7770 and 7825 levels are strong resistances as well as target zones if the recovery continues.

From short term view, nifty below 7825 remain bearish and this is just technical bounce back. So swing traders hold their shorts with a stop loss above 7825 on downside 7530 and then 7460 levels are still possible.

For intraday option traders use 7700 call options to buy and accumulate on the decline with strict stop loss.

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Pramod Baviskar

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