#NiftyFuture Technical View For 16th-20th Dec 2019

NiftyFuture last close : 12142.35

NiftyFuture has ended the week higher after a negative close in the previous week. NF has witnessed a strong week strength of 1.30% at the end of the week.

Metal index gained 3.60%, Auto index climbed 3.3%, Bankindex rose 2.3% and Media index has declined 1.10%

India’s CPI inflation came at higher of 5.5% Vs 4.62%, Food inflation also rose up to 10.01% Vs 7.80% in October.

IIP has fallen to 3.8% Vs 4.3%, however it has recovered a bit as compared in last month. Asian Development Bank has reduced India’s GDP growth 5.1% from 6.5% in FY 2020

You know………. All data is not favor market but our market still higher, because global markets has shown strength

Did you know ??…….. On last week (07th Dec) written in our blog “NF considering a very strong support at 11825, Below the level trend will be changed to negative” What happened ?….On Monday (09th Dec) NF was made a low of 11855.30 and bounced. Weekly close at 12142. NF has climbed 300 points from our strong support zone.

NF has formed a piercing pattern which means bullish pattern, NiftyFut have added heavy open interest and 12000PE is carrying heavy writing positions……… Which means bullish trend!!

NF finding a recent high of 12175 (Spot 12158.80). If sustained and holds above 12175 level further rally will be expected up to 12280, 12350 and 12440

On sentiment side, When markets hit all time high selling pressure will come.

On the other hand, NF considering a supports 11965 and 11855. Very very strong support zone 11855.

Option trader……. Can sell PE and Buy CE. Can sell out of the money CE and PE.

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Updated : 06.19 PM / 14th Dec 2019