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MTECHTIPS NIFTY FUT intraday trading analysis 27-10-2016

Wednesday, October 26, 2016 23:06
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MTECHTIPS NIFTY FUT  intraday trading analysis 27-10-2016

MTECHTIPS Nifty Future Today Closed At 8611 With Heavy Loss On Profit Booking. Nifty Future Opened Gap Down And Hit Low Of 8585 After Opening On Sharp Selling. Nifty Failed To Cross 8730 Hurdle Which Resulted In Profit Booking As Well As Fresh Short Selling. But Index Still Oversold And This Downside Might Be Another Buying Opportunity For Traders Who Missed Last Recovery Rally. For Tomorrow, Nifty Future Outlook Remain Bullish Above 8585 Level And Expect Recovery Rally. But TATA Fiasco And Profit Booking In Banking Stocks Might Cause Volatility In Market And Below 8585 Expect Deep Downside Up To 8470 Levels. For Tomorrow, Nifty Future Intraday Support Zones Are 8585 And 8490. On Upside 8630 And 8700 Are Intraday Resistance Levels. Future Traders Can Hold Nifty Future Long Positions With Stoploss Below 8585 And If Stop Loss Hit, Reverse The Position With Stoploss For Target 8470. On Upside 8730 Will Remain Major Short Term Target As Well As Major Breakout Level. Option Traders Can Hold Nifty 8900ce November Expiry With Same Stoploss And If Nifty Slides Below 8585 Then Buy Nifty 8400 Or 8300PEof November Expiry With Stoploss For Intraday Gains. Positional Nifty Traders Keep Long View And Buy On Dips View As Nifty Still Oversold And Will Show Strong Rally In Medium To Long Terms.



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