Nifty Future Hurdle Area 8080-8120
A sharp correction and a rally has been seen the past week in FNO September Expiry. After making the high of 8176+ for the week the market plunged back down to 7884 testing its 50 day moving average on Thursday’s trading session. Bulls were in panik and bear’s after such a long time had a small share of the joy.
The Decline was accompanied by heavy volume and there was a long unwinding in most stocks and sectors. The Sept Future expired @ 7902+.
Friday session witnessed a dramatic turn around in index future, after opening decent and making a high of 8018 for the day market saw a correction and tested the new intraday lows of 7897 (around 50 DMA) and there was a sharp recover in the later half of the day. The markets covered and all round buying seen in banks and nifty stocks the market made an intraday high of 8057+ and closed the week at 8031.90
For week starting Monday 29th September 2014 the Nifty Future will face still resistance at 8080-8120 range if manage to close above this level the Bulls will become active again and expect a buying frenzy in stocks. The index shall run for 8200 and there after 8500.
On downside the supports for nifty future are at 8000 & 7960 Major TREND will reverse below 7900 only now ! For specific nifty future trades u can mail me at mohitjhanji@gmail.com
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