NIFTY FUTURE & BANK NIFTY FUTURE 04 January 2016

NIFTY FUTURE : Technical commentary

Nifty has broken its important resistance which was at 7950, now it is looking good up to 8100, at 8100 it will take resistance of a channel as you can see in the chart, till 8100 we can buy it, if nifty will given closing above 8100 than it can again touch the level of 9000 and above. In lower side it has support at 7900 and 7800 level.

Call: Long
CMP: 7761
Initiation Level: 7965
Book Profit (Level 1):8000
Book Profit (Level 2): 8100
Stop Loss: 7900
Conviction Level: moderate risk
Reason– channel line
Short term Trend: recovery
Medium Term Trend: up
For the long term Traders: buy on dips
For Aggressive Traders: SHORT ON HIGH, LONG ON DEEPS
Support: 7900-7850
Resistance- 8100-8200
Duration: 4-5 Days

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