Nifty technical analysis for September 2014

Nifty technical analysis for September 2014

Nifty spot index on last trading session closed at 8083 with gain. On daily chart, index price trend and momentum both are strong bullish. On daily chart, 7850 is 1-month average support zone while below it 7635 is 3-month average level and major support zone from short-term view. Daily chart indicators patterns are bullish suggesting upside for prices in near terms but some indicators are trending higher in overbought zones so traders must trade with strict stop losses in place.

For month of Sep 2014, nifty major support will remain at 7820 and above it; bullish view and momentum will remain intact. Above this level, every major correction will be buying opportunity. On upside 8100 is first target, which is almost achieved and if nifty gives closing above it then expect 8250 as next target. Any weekly closing above 8250 means super bullish scenario for nifty and in that case, targets will shift to levels of 8530 and then 8680. This scenario is less likely but possible.

On any reasons, if nifty gives daily closing below 7820 then outlook becomes bearish and we can expect downside targets of 7675 and below. This will also remain as support on downtrend. On yearly view, nifty is in super bullish state and in month of Sep. closing above 8070 will confirm target of 8550 for year 2014.

Traders keep long view and follow buy on dips view for nifty futures for given targets. While option traders can go long in naked calls or form long straddles to minimize risks.

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Updated: 03/09/2014 — 11:50 AM

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Pramod Baviskar

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