MTECHTIPS NIFTY FUT intraday trading analysis 28-06-2016

MTECHTIPS NIFTY FUT intraday trading analysis 28-06-2016
MTECHTIPS Indian shares ended a lackluster session marginally higher on Monday as gains in rupee and firm cues from Asian markets offered some support. Nifty future today closed at 8104 with gain. We saw strong buying around 8050 and nifty tested its major resistance of 8120. Nifty index opened negative but managed to hold above 8,040 zones and bounced back towards 8,120 levels. It crossed previous day’s high of 8,100 zones. For tomorrow, nifty will turn above 8120 levels for upside targets. On upside 8200-8250 and 8310 are resistance zones. Below 8120 there are more chances of downtrend continuation, though daily chart indicators are suggesting upside for nifty future. Watch nifty 8100 call options for short covering rally above 8120 level till then it will remain writer’s favorite. Positive closing on first day of week is good signal for nifty in short terms.
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