Nifty Future closed the week at 8023.5 on Diwali mahurat trading session. the market has seen a sharp reversal from lows of 7752 and with positive global cues the index has managed a strong up run in short term. Majority of moves have happened with gap up’s in the same.
Now week ahead we are entering the FNO Expiry for October series hence playing in options huge amount shall be avoided. On index front the hurdle for nifty is at 8050 once sustain this level then expect the same to move towards the trend line resistance around 8120, breakout above 8120 will lead nifty to 8200 and higher.
Banknifty has already made an breakout to life time high’s and if bank nifty supports we can expect to see fresh life time high’s in nifty as well.
On downside the supports for bulls is at 7990 if break this level expect another 50 point cut soon for 7945 below which bear’s will become active again.
Trading Strategy : Enter Shorts Below 8015 with stops of 8050 abv close for a target of 7945/7930