nifty spot achieved 7470 watch for supply now !!

nifty technical analysis for 4 march 2016

nifty technical analysis for 4 march 2016

Nifty future today closed at 7447 with gain of 86 points. While nifty spot closed at 7475. Almost 298 points discount in future suggesting overbought nature of market. Nifty achieved my given target of 7470. Future almost hit high of 7461!!   Here 7470 is strong supply point and if market not sustain here then expect lower levels up to 7150. So almost 350 points downside from here. If sustain above 7470 for 2-3 session then 7925 expiry for month of March.   I suggest to book full profit in nifty long and follow wait and watch strategy. Risky option traders can use 7400 and 7500 put options for possible correction but with risk based stop loss. This week bar is almost 600+ points so half of it correction is due for market.

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Pramod Baviskar

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