NIFTY VIEW AUG 18

AUG 18

Hi,

Our view for yesterday was clear:” If NF is not breaking yesterday’s low of 5006 then be prepare for a sharp rally”. NF opened at 5039.6 and rallied for 98 points from Tuesday’s close and made high of 5125.7.

After making high of 5125.7, NF fallen sharply but could not break 5011-5002 and again reversed to close at 5066.75.

Today’s trading levels for Nifty Future:

Resistance: 5125-5185-5232

Support: 5036-5011-5002-4967-4951

Today also view is same, till NF is above 5011-5002; there is no problem for bulls. 5036 will also provide good support.

Below 5000 in both NF and NS, expect a blood bath.

On upper side, cross over above 5125 will create short covering which will take NF to 5185.

 There is a gap at 5232-5339, so on crossover above 5185, one has to be alert around 5232.

We are not bullish with the market but expecting a rally before further down side, which will be good for bears.

FROM
Analysenifty Team