Weekly market outlook for 26 to 30 dec 2016

Nifty future hit 7953 low tgt 7830

Nifty future hit 7953 low tgt 7860

Nifty future this week closed with loss. This was second weekly loss for nifty future and in these 2 weeks nifty future tumbled from highs of 8265 to low of 7953. Total 300 points loss in last 2 weeks and selling continues. This week we almost saw 200 points downside for index.   Nifty future tried to breakout above 8280 and failure resulted in as expected sharp selling. On downside my target is at 7860 and we already saw low of 7953 in this week. For next week, nifty future outlook remain weak and strategy remain sell on rise. Nifty future daily chart price pattern is bearish and indicators are in oversold zone. On downside 7860 will remain as target zone for nifty future in next week. Option traders keep buy on dips view for nifty 8100 put options for expiry.   Nifty weekly chart price pattern and indicators are very bearish and suggesting downside up to 7200 in medium to longer term. On upside 8160 is major hurdle and resistance from long term view.   Banknifty future is near target of 17710 next support 16900

Banknifty future is near target of 17710 next support 16900

Banknifty future this week closed at 17918 with loss. This was second weekly loss for this banking index. In these 2 weeks, banknifty future lost almost 800 points from top. This week we saw 500 points drop from top.   For next week, banknifty future outlook remain weak as downtrend will continue and banknifty future is heading for my given target of 17710. Below 17710 next major support as well as target will be 16900. Option traders keep buy and accumulate strategy for next month banknifty 17k put options with stop loss.   From long term view, banknifty future is in correction phase and heading towards support of 17350 to test it. Weekly closing below 17350 with strong price action and volume means long term bearish trend start for this index and targets of 15400 and below.

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Pramod Baviskar

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