Nifty index has closed today (25 Nov 2016) at 8114, and therefore Nifty is back above 8100 level. Nifty is also now above its 10 Day Moving Average (DMA), so some level of support has been built between 8000-8100 level, and the logical target now is 8200, where multiple resistance lines are visible. Highest Nifty Call Open Interest (i.e, Call selling by FII/DII) in December series is at 8300, so Nifty 8300 will act as the top for Nifty in Dec series.
Nifty has completed 50% correction of the rally from 6950 to 8950, which should offer support at current level. So any good upmove above 8000 can act has a turning point for renewed upmove in the Nifty. Strong basing pattern has been made at 7900 and on the upper side market could face resistance at 8300.
Traders can buy Nifty Futures are 8130 for target 8230 with Stop at 8080.
These would be Dec futures.
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