nifty monthly technical outlook for may 2016

nifty may future chart sell in may and go away might come true for nifty !! For month of May, we know famous saying of “sell in May and go away”   Technically this might come true for nifty if nifty slips below 7820 weekly support. Below it expect downside cycle for this index future with price targets 7605 and 7305.   Below 7300, nifty will be very bearish and panic will set in.   As nifty still trading above 7820, so traders must keep wait and watch strategy.   On upside 8100 and 8325 are resistances as well as targets if nifty respects 7820 level.   Future traders below 7820 can go short for tgts 7605 and 7320.   Option traders below 7800 can keep accumulating next month 7300 put options.

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Pramod Baviskar

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