I would like to give technical outlook for nifty future, as we see in charts so we could see that in long term nifty is in uptrend, but if see the short term trend of it so it is clearly in upside consolidation phase. But if we see the movement of nifty in previous week it had shown the slight bearish trend and in the Friday it close below very vital resistance zone of 4995 to 5005.Technically it happened due to the two reasons.

One is the negative divergence in RSI which means that prices were making new highs but RSI was making lower highs, so it shows the weakness in the rally & we have see the decline in prices finally.

Second what I believe that in any breakout the one should also see the closing if it close above crucial resistance level then it gives the positive signal about the rally and we could expect that it could be continue for while, but it didn’t happen in case of nifty every time when it break its resistance was not closing above which means that the profit booking was also there in the higher levels.
Let’s talk about the crucial support for nifty.
Support: 4905 & 4865
Resistance: 5095 & 5195.

Strategy for nifty future:
In my view that as the closing is well below the vital support level for nifty future, so one could expect some correction from here. So that’s why traders should go for short position in nifty future at every higher levels & he should book the profit as he get the chance.







Some hot picks for the upcoming week:
As we see the sectorial movement so we could find out that there is up movement in the it & pharma sectors and it is looking to continue for while.
My first pick is
Scrip: HCL technologies.
Interpretation: as we see technically in chart that it had shown the strong uprally from downside and most importantly is that it had close above the vital resistance of 355.and there is also been break out with rise in volume & also in open interest so looking bright for long position target could be around 395 to 400.with the SL of 350.


Lupin:
Interpretation:if wee see technical in charts so we could see that as it had broken 1150 level in after it reach on strong uptrend and in short term we are expecting the target of 1650 in Lupin so one should take long position at every decline. and in Lupin the SL could be 1485 for intraday.


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