Nifty future & options weekly report for 19 to 23 August 2019
Nifty Future this week closed with loss. We saw almost 250 points range this week. Nifty trading in a wide range of 11200 to 10900 and moved up and down in this truncated week.
For next week, nifty outlook still bearish. On the upside, nifty has strong resistance zones around 11100-11200 level. Expect big bullish move above 11200 only on Closing Basis till then expect consolidation and bearish moves. On downside 10750 and 10400 levels are positional target zones for this month.
Nifty Option Traders below 11200 keep buying on dips views in nifty 11200PE with stop loss for big gains.
From Long Term View, Nifty hit 11200 and almost hit 10870 long term support zone. If slips below 10870 on Weekly closing basis then expect long term downtrend and levels of 10500 to 10000 in this year.