The above chart shares the Nifty Futures Technical Analysis.
Nifty futures are currently consolidating, but they are still in uptrend. They are correcting from highs made in Nov 2022.
Please note that Nifty futures did not undergo similar correction as S&P500 and Nasdaq100 futures in Nov-Dec 2022, so there is scope for some correction here.
Nifty Futures Trading Strategy: Currently, it’s sideways market, so all positions must be light, or no positions at all. Nifty futures will offer a good buying opportunity around 17,700 to 17,800 level, which near the lows of Dec 2022. Those levels can offer buying support and we can see a reversal towards 18,500 to 18,600.
In the above chart, we can see that Nifty futures broke their uptrend around 10,470 and since then they are facing downtrend. They are currently at their short term support level of 10,200 but the downtrend is not over yet, and we can see Nifty futures test the next support at 9950-10,000 level . The next lower support is at 9720, which can also get tested if S&P500 futures starting falling next week.
The above chart indicates weakness in Momentum Indicator (CCI) and the correction is in progress. Nifty Futures Trading Strategy is to wait for this correction to complete and buy Nifty futures for the next rally above 10K level, because Nifty futures are safe above 10K level with targets of 10,500 and 10,800 in the next 4-8 weeks.
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