Hi,
On Friday, we had written on sustaining above 4875 for 10-15 minutes with good volumes will take NF to 4928. NF manages to break 4875 but could not sustain above 4875 and fallen.
Below 4816-4801, our target was 4758 which was supposed to be good entry point for bulls but looking at panic we had waited for reversal indication. NF made low of 4718.
Today’s trading levels for Nifty Future:
Resistance: 4811-4846-4883
Support: 4718-4695-4684-4667
Today on sustaining above 4811 with volumes for 10-15 minutes will take NF to 4846-4883. Again on break above 4883 will take NF to 4954-4971.
If someone has missed to take long position at lower level can watch 4811 very carefully to enter.
If NF is breaking Friday’s low then also 4695-4684-4667 is a strong support zone.
If NF is not breaking Friday’s low then it will form positive divergence in RSI in NF daily chart.
We had closed our long position (initiated at 4826) below 4831 on Friday.
Again repeating, we are not bullish with the market. We are just playing counter rally of down trending market.
More details to our subscribers.
Regards,
Analysenifty team
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