nifty report for 19 October 2016

nifty report for 19 October 2016 Nifty future today closed at 8677 at day high with strong almost 2% gains. As expected we saw strong short covering rally for nifty future. Nifty future is retracing towards strong resistance of 8730. Recovery rally will continue ahead so keep buy on decline strategy for nifty future and expect a final target of this rally at 8730. Weekly closing above 8730 means trend change and bullish cycle for nifty future.   For tomorrow, nifty intraday support zones are 8620 and 8550 while on upside 8690 and 8730 are resistances. Options traders can use nifty 8700 call options of November expiry as a buy on dips.   Swing traders watch 8730 for fresh medium term breakout for a target of 8895. Today we saw strong buying in nifty 8600 call options which from 47 rallied all the way to 124. For nifty future tips on WhatsApp with support and follow-ups join our future tips advisory service.

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Pramod Baviskar

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