Nifty future has gone through many fundamental and technical changes, we have seen how technical and fundamental analysis change nifty future trend. Now I am sharing few most important reasons that suggest to buy nifty future.
First of all fundamental reasons:
1. IIP data was seen improving, also we have seen capital goods sector registering growth, power sector saw increased growth, and even core industries were seeing better growth.
2. Inflation was in comfortable zone now; latest reading shows it below 7%.
3. RBI has given a hint in its policy review, that it may consider lowering interest rates. Experts believe this will be great boost for economy.
4. Quarterly results were also inline to street’s estimate.
Now let us see technical reasons for adding long position to nifty future:
1. Nifty future weekly charts saw bullish divergence and downward momentum was losing its strength. Hence up move is possible in near term.
2. Nifty future bounced from its major support i.e. 50% Fibonacci retracement level on weekly chart.
3. RSI shows nifty future was highly oversold and some pullback should be seen shortly.
About Bhaveek PatelBhaveek Patel is one of the most successful traders, technical analyst, and investor, his areas of interest include stock market, forex, and gold trading. Apart from this, he is often seen in the golf course. He is having more than 10 years of experience in trading, had placed his first order on 19 June 2006 with IndiaInfoline.
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