nifty sudden reversal hit stoploss, intraday supports 7675-7644

nifty future today closed at 7727 with loss of 125 points
nifty given sharp reversal and changed intraday trend
stoploss hit in long positions which also
accelerated selling pressure below 7780.
on downside 7675 and then 7644 are support zones
and next short sellers target zones
on upside 7760 is intraday resistance and
reversal point if sustain above it.
nifty might test 7558 low and make “double bottom”
if selling pressure continue tomorrow and breaks
intraday support of 7644
for future traders, 7760 is stop loss and 7675 and 7644 are target.
option traders, now follow buy and accumulate strategy
for nifty 7900 put options if nifty sustain below 7760 spot.
mt view still bullish on nifty and today fall might be
due to lack of volume or low participation in market.
7920 level is still on cards !!!

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Updated: 18/11/2015 — 6:46 PM

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Pramod Baviskar

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