Technical Update: Nifty Future November Series closed on strong notes on Friday’s trading session. After opening at 8420.50 it made lows of 8412 Nifty Future moved sharply up side on higher volume to make intraday high of 8512.90, A move of 100 points from lows nifty shut the shop for the day at close 8492.
Trend: Short term trend up, medium term trend & primary trend are up with strong supports @ 8410
RSI: RSI is trading at 71.69. From chart above one can clearly see the momentum is in favour of bulls for the market even thou there is a divergence in nifty chart but with less momentum still market is just heading higher and higher.
Stochastic: Another most used oscillator (Stochastic indicator) is been trading in over bought zone since couple of months.
Volume: Friday’s trading session has seen higher volume’s as compared to previous five trading sessions.
Trading Strategy: Any Intraday dip to 8460-8430 can be bought with protective stop loss of 8410 for a price target of 8530-8600. On the other hand if market rally’s to 8530-8600 in coming week. High Risk Trader’s can enter 8600 Put December Series with stop loss 8650 close bases.
Discloser: I have no personal holding in this counter as of making of this report, may have recommended to clients.