nifty premarket : keep sell on rise view tgts 7470-7125

nifty F&O technical analysis for 22 march 2016

nifty F&O technical analysis for 22 march 2016

Nifty future today closed at 7717 with gain of 112 points. Nifty as expected showing strong buying and heading towards my target 7925.   Nifty trend and momentum both are strong bullish. But from here I see less upside and more downside as major indicators entered in overbought zones. Some early weakness technical signals also seen.   From here risky traders can go against trend and follow sell on rise view. On downside nifty future will test 7470 and then possibly 7125 again.     Option traders use far months ITM put options for buying and accumulation with stop loss.

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Pramod Baviskar

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