Nifty future weekly-hit 9090 corrective tgt watch for breakdown
Nifty future this week closed with loss at 3130. This was third correcting week for nifty future. Nifty future daily chart price trend and momentum is still bullish but now nifty closed near major trend support of 9090. On chart, 9090 is major support and below it on closing basis nifty future will start fresh short term downtrend for tgts 8975 and 8755.
For next week, nifty future might breach 9090 support zone and might start downtrend for target zones 8975 and then 8755. Future traders below 9090 with stop loss can take swing short position for tgt 8975 and 8755. Option traders below 9090 can buy and accumulate 9100 put options for big short term gains.
From 2017 yearly view, nifty future achieved 9240 target and now will head for next investment target 10400. On downside 9035 and 8900 are previous lows support zones.
Banknifty future weekly-banknifty hit low 21381 given corrective tgt 21400-21200
Banknifty future this week closed with loss at 21554. We saw high near 21973 and low was at 21381. Total 500 points weekly swing and closed with loss. Banknifty is as expected correcting towards support zones of 21400-21200.
Banknifty future on daily chart is in uptrend but now price pattern and indicators suggesting correction and possible future breakdown. Banknifty future technically above 21200 remain buy and accumulate for tgt 21900 which already achieved and then 22400. Below 21200 expect sharp selling for tgts 20750 and below 20050. Future traders below 21200 can take short view for sell side targets 20750 and 20050.
From 2017 yearly investment view, banknifty future achieved its 2017 investment target of 21250 and now with fresh breakout heading for 24550. Above 21250 on weekly closing basis investors keep buy and accumulate view for tgt 24550. Below 21400 expect profit booking and lower levels up to 20900 to 20500.
Want on whatsapp with live market support and follow ups then today.