MTECHTIPS NIFTY FUT intraday trading analysis 04-07-2016

MTECHTIPS NIFTY FUT intraday trading analysis 04-07-2016
MTECHTIPS Nifty July expiry future Extending gains for the fifth consecutive session, the S&P BSE Sensex on Friday gained 145 points, while the broader Nifty 50 jumped above its key 8,300-mark. Nifty future this week closed with huge gains. We saw recovery from low of 7927 after brexit vote. From lows nifty almost rallied almost 400 points. Every upside is trapping shorts which eventually might fuel this rally ahead. India’s broader Nifty hit its highest level in more than 10 months on Friday and its biggest weekly gain in five as expectations of a good monsoon and economic front. Nifty future daily chart price trend and momentum both are strong bullish and indicators are heading towards overbought zones reflecting underlying demand in market. 8265 and 8185 are support zones of major short term averages. On upside 8400-8500 and 8600 are psychological resistances as well as target zones for nifty future. Sanofi India, Aurobindo and JB Chemicals gain over 5% each in one week. In focus with the Nifty Pharma index set to post its biggest weekly gain in past six weeks.
Nifty weekly chart also showing strong uptrend with increasing buying momentum with every uptick. On weekly chart 8260-8200 is major support area and above it keep buy and accumulate view. Weekly chart trend channels suggesting 8425 and 8525 as target zones for this bullish move..

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