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MTECHTIPS NIFTY FUT intraday trading analysis 18-05-2015
MTECHTIPS NIFTY FUT intraday trading analysis 18-05-2015
MTECHTIPS Nifty spot on last trading session closed at 8262 with gain. On daily chart, price trend still down but momentum is building for strong recovery. Nifty still trading below month and 3 month averages with recovery rounding price pattern. On indicators, macd is heading towards zero with recovery pattern and RSI is heading towards 50 levels suggesting recovery.On upside 8390 is strong resistance and this recovery rally may take nifty up to this level. If nifty gives daily closing above 8390 and sustain then expect bullish cycle for this index until then keep bearish view on index. On downside, 7940 and then 7700 are strong support as well as target zones in current scenario.Short-term traders can go long for target 8390 with stop loss below 8130. Nevertheless, negative closing with price and volume will be reversal trade for target 7940 and then possibly 7700. Option traders can buy and accumulate 8200 call options with 2-3 trading sessions view and with strict stop loss in place.
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