nifty weekly report for 13 to 17 june 2016

nifty weekly report for 13 to 17 june 2016 Nifty future this week closed with loss at 8195. After last 2 weeks strong gains finally nifty gives some correction or retracement, though bulls are still in power and holds market.   For next week, nifty future outlook remain bullish and trading strategy is buy on dips. On downside 8105 and 8040 are support zones while on upside 8310 and 8380 are resistances as well as target zones.   Nifty weekly chart price trend is strong bullish but indicators are in overbought zones suggesting underlying buying as well as short covering momentum. Nifty next bullish wave will have its targets around 8380 to 8450. Above 8450 expect another sharp short covering rally from trapped hands for target 8570.   Future traders can use 8105 and 8040 levels if found as buying opportunity with stop loss for swing targets 8380 and 8570.   Option traders use 8300 call options as buy on dips strategy for June series. Nifty will change trend on closing below 8040.

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Pramod Baviskar

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