Hi,
For Friday we had written:” today if not breaking high of yesterday (5174) then watch 5131 level carefully. Break below 5131, NF will take to 5114. Last hope for bulls is 5055”.
On Friday NF could not cross high of 5174 and crashed to make low of 5042.5. Remaining action was completed on yesterday by making low of 4901.
We have already warned you about being in supply zone on Friday also.
Today’s trading levels for Nifty Future:
Resistance: 4979-5013-5026-5038
Support: 4925-4901-4892-4811
Now, today on remaining above 4925, NF will attempt for 4979. There is a gap from 4979 to 5042, so chances are bright of filling that gap. During this 5013-5026 will act as resistance.
On lower side 4925 is a support below that 4901-4892 are minor supports.
As of now technical correction of a rally (4718 to 5174) seems to be over (till NF is above 4925).
Statistically, FII has bought stock futures worth 3220 crores (considering yesterday’s sell of 84 crores) in last 9 trading sessions.
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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