Technical Update : Nifty Future has been facing stiff resistance at 7830 levels. As updated in previous nifty future report weekly view 7745 below bear’s got active and market cracked to 7611.25. Global weakness was one of the added reason’s for the steep fall on Fridays trading session in market. Going ahead in coming week all eyes are set for Tuesday’s RBI’s monetary policy review.
Price : Nifty Future closed the week at 7622.60. Nifty Future closed weak with a bearish note with bearish bar’s on daily charts as well as weekly charts.
RSI : 14 day RSI is trading @ 47.55 with downside momentum as updated in previous nifty future weekly update to go with cautious approach had proved very valuable for trader’s.
Trend: Nifty future Short term trend down, medium term neutral, primary trend up with major supports @ 7586 (50 DMA).
Stochastic : The stochastic Indicator also given sell signal on daily charts.
Volume: There has been increase in nifty future volume on decline in markets.
Trading Strategy : Day trader’s & Positional Trader’s for Nifty future can on Monday’s trading session open shorts in pullback till 7690 with a protective stop loss of 7725 above close for a target of 7585-7470. If RBI disappoint on Tuesday the fall will be sharp and swear. Low risk traders enter 7700 Strike Nifty Options Puts with same stops in pullback.
Nifty Future Hurdle 7715
Resistance 7755 7790
Support 7586 7480