nifty weekly technical report for 3 to 7 oct 2016

NIFTY - Candle Three Months_1d 2016-10-02 144118 Nifty future this week closed at 8650. Nifty future price trend and momentum both are bearish but indicators are near oversold zones.   Last low of 8562 will act as support while on upside expect bounce back up to 8730. If sustain above 8730 then expect trend change and bullish cycle foe nifty future.   Above 8730, nifty future medium to long term targets will be 8895 and 9160 for October series. Below 8562, nifty future support zones are 8470 and 8300. Failure to cross 8730 will result in follow up sell off and downside targets 8470 and 8300.   Weekly free nifty future tips is to buy nifty future on decline with stoploss below 8562 for target 8730 and above.   Weekly free nifty option tips is to buy nifty 8600 call options on decline with strict stoploss for big target in next week.

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Pramod Baviskar

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