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  • MTECHTIPS NIFTY FUT intraday trading analysis 23-02-2015

MTECHTIPS NIFTY FUT intraday trading analysis 23-02-2015

MTECHTIPS NIFTY FUT intraday trading analysis 23-02-2015
MTECHTIPS Nifty On Last Trading Session Closed At 8833 With Loss. On Daily Chart, Nifty Price Trend Is Bullish But Momentum Looks Topped Out. Top Was Created At 8900 And Now Nifty Going For Correction Dip. On Downside 8710 And Below It 8520 Are Supports Of Its 1 Month And 3 Months Averages Respectively. Daily Chart Indicators Patterns Are Mixed. At 8910, We Saw As Hanging Man Pattern, Which Is Also Very Bearish Signal From Short-Term View.
On Weekly Chart, Nifty Closed With Flat Gains. An Evening Star Pattern Is Created On Weekly Chart And Which Is Bearish Signal. On Downside, 8340 Is 6-Month Average Level And Below It, 8070 Is 12-Month Average Level. On Weekly Chart, Nifty Trend Is Bullish But Momentum Is Losing Out And Indicators Pattern Is Clear Sell Signal For Medium Term Investors.
My View On Nifty Is Bearish For Downside Target 8630 As Correction. If Sustain Around 8600 Then That Will Be Buying Opportunity For Target 9100+. Nevertheless, If Close Below It With Strong Price Action And Volume Then Nifty Can Fall Up To 8250 In Very Short Terms. 8925 Spot Is Stop Loss For Positional Futures Traders On Closing Basis. For Options Traders, I Suggest Buying And Accumulation In 8900 Put Options With Same Stop Loss On Closing Basis.

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