Nifty weekly-remain volatile but buy on decline from medium term view

Nifty weekly technical forecast for 14 to 18 November 2016 Nifty weekly technical forecast for 14 to 18 November 2016 Nifty future this week closed with heavy loss and with high volatile moves on news flow. This week nifty future hit high around 8620 while low was around 8076. Total 500 points weekly swing and another negative weekly closing for index.   This was third losing week for index and tumbled from 8750 to low of 8100. 650 points loss. As suggested below 8665, nifty future achieved my given targets of 8490 then 8335 and then 8160. Below 8160 next target was 8005 and nifty given swing low of 8076!!   For next week, nifty future outlook remain mixed on high volatile environment. Nifty future price trend and momentum are down but prices are technically oversold on daily as well as on weekly charts. Nifty fut Closed at support of 8335 and below this level next support is at 8165 which will be target on downside if downtrend continues below 8160 next target will be 8005.   Nifty future most likely to given reversal from 8300 level and recover towards previous resistances of 8490 and then 8665. These will be target zones on reversal move. Future traders keep long view and use major panic downside move to enter long and expect targets 8335 then 8490 and last 8665 on upside. Above 8665 trend will change and expect sharp and strong short covering rally up to 8825 and above. Option traders on decline can use nifty out of the money call options of dec and Jan expiry as buy and accumulate with medium term view.   From medium to long term view, nifty made bottom at 8150 and from here expect upside for target 8890.

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Pramod Baviskar

Professional Market Trader And Owner Of Dalal Street Winners Advisory And Coaching Services. Working Since 2007 And Online Presence Since 2010. We Provide Highly Accurate And Professional 1 Entry And 1 Exit Future, Option, Commodity, Currency And Intraday Stock Tips On Whatsapp With Live Support And Follow Up.
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