MTECHTIPS NIFTY FUT intraday trading analysis 06-05-2016

MTECHTIPS NIFTY FUT intraday trading analysis 06-05-2016
MTECHTIPS
WEEKLY :-NIFTY sell in may and go away might come true for nifty !! For month of May, we know famous saying of “sell in May and go away” Technically this might come true for nifty if nifty slips below 7820 weekly support. Below it expect downside cycle for this index future with price targets 7605 and 7305. Below 7300, nifty will be very bearish and panic will set in. As nifty still trading above 7820, so traders must keep wait and watch strategy.On upside 8100 and 8325 are resistances as well as targets if nifty respects 7820 level. Future traders below 7820 can go short for tgts 7605 and 7320. Option traders below 7800 can keep accumulating next month 7300 put options.
DAILY:- Nifty may expiry future on 5th may 2016 closed at 7773 with gain. Nifty future showing bounce back signs but sentiment still bearish.Below 7820 on closing basis, outlook for nifty future remain bearish and tgts are at 7605 and 7300. For tomorrow, 6th may 2016, nifty future intraday support zones are 7735 and 7700. On upside 7780 and 7920 are resistances.Nifty if open above 7780 then expect short covering rally up to 7850 to 7920.This week closing above 7820 will confirm uptrend is intact, failure will result in downtrend confirmation.For intraday, if open above 7780 then buy nifty future for tgts7850 to 7920.Option traders in that scenario can buy nifty 7800 call options for intraday.
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