Hi,
Always expect unexpected from the market.
Yesterday, in first half of the session, market has given surprising down move but later on it was recovered and given sharp rally.
On lower side below 4981 our target was 4901 but we were watching channel support closely. The channel support was protected and then given sharp rally to make high of 5100.
Above 5040, our next level was 5077 and crossover above that target was 5116-5124.
While updating this, SGX nifty is trading at 5133.
Today’s trading levels for Nifty Future:
Resistance: 5116-5124-5175-5190-5223-5239
Support: 5054-5027
Now, today watch 5116-5124 levels carefully, crossover above it will take NF to a strong resistance zone of 5175-5190-5223-5239.
On lower side 5054 will act as support; break below it will take NF to 5027.
Now again, we have entered in to a supply zone. Today’s RBI policy will give huge volatility in the market so be alert and trade light.
just see how NF has taken channel support. Above 5175, there can be H&S break out.
Statistically, FII has bought stock futures worth 4344.92 crores in last 12 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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