700 Point Nifty Move Ahead

700 Point Nifty Future Move Ahead- Are You Ready?

  • Nifty future is trading with a negative bias on weekly charts. The Resistance area is at 10850.
  • Nifty future has broken the medium term trend line.
  • Nifty future trading in head and shoulder formation and is moving towards completion of the right shoulder.
  • Head and Shoulder neckline is around 10100 levels
  • Budget session is highly crucial for markets which will be on 1st Feb 2019

Positive scenario –

If nifty future holds above 10850 and crosses 11000 with volume then expect a sharp rally towards 11400-12000 in coming few weeks.

Negative scenario-

If nifty sustain and break below 10600 levels then 10100 will be the 1st level of support below which 9200 is the target of the head and shoulder formation which we may see in a few weeks.

My Trade

Holding 10900/10700 (CE & PE) pair trade in FEB series will exit one side once direction gets clear.

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