Nifty future in last trading session closed at 10003 with gain. We saw fresh positive opening for month of September and nifty opened strong for this month above major support of 9925 and above it for month trading strategy will remain buy and accumulate for upside targets.
Nifty daily chart setup showing, prices trading above all short term averages, on downside 9925 is 5 days average support, below that 9895 is 20 days average level and 9830 is 50 days average support and last support for this bullish trend. On upside 10140 and then 10360 are major hurdles for this month and also target zones for swing traders. Daily chart RSI is at 57 with strong buy signal and suggesting large upside move in upcoming weeks. While MACD is triggered buy signal at 9944 for upside targets.
For future traders, nifty future outlook above 9925 remain strong bullish and trading strategy will remain buy and accumulate. On upside 10140 is first target zone and then 10360 will be next target level. If nifty future fails to hold 9925 then expect bearish trend and downside targets up to 9700 to 9500 on sell off.
Nifty option traders above 9925 support, keep buy and accumulate trading strategy in nifty 9900 call options of this expiry or nifty 10000 call options of next expiry with stop loss for big gains in next week. We already saw nifty 9900 call options rallied from low near 93 rupee to highs of 182 rupees high in this week.
Nifty weekly chart set up showing, nifty future this week traded into range of almost 230 points closed with gain on continues follow up buying. This was third positive week for nifty future and in these 3 weeks we saw rally from low of 9755 to high of almost 10020. Prices are now above 5 weeks average of 9915 with fresh continuation pattern. On downside 9660 and then 9200 are 20 and 50 weeks average levels and major support zones as well as target zones for this correction if continues. Weekly RSI is at 67 and now it is flattened out suggesting reversal rally and MACD is with bearish crossover but forming rounding bottom for upcoming rally.
Nifty future from long term view, hit 2017 first investment target of 9240 and was heading towards 10400. But last few week correction made bottom round 9750 and now this week’s whooping 230 points rally suggesting continuation move towards 10400 target.
In last 7 months, only 2 month are with losses while 5 months are positive suggesting overall investor’s bullish view towards this major index. This month green candle with almost same open low suggesting big rally for month.