Hi,
On Friday, we have written: “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”.
You can see how volatile market was on Friday. NF made high of 5155 the low of 5071 and then 5135 to 5078 to 5131 to 5076 and closed at 5087.6.
Today’s trading levels for Nifty Future:
Resistance: 5135-5175-5190-5223-5239
Support: 5042-5028-5002-4960
Now, today watch 5042 levels carefully, below 5042 NF will go up to 5028. From 5028 or from 5002, NF can take reversal. Be alert around these levels.
If NF breaks 5002 then next support is around 4960.
On upper side 5135 will provide resistance. Crossover above it will increase possibility of crossing 5175 this time.
trend line support of NF comes around 4960. Above 5175, there can be H&S break out.
Statistically, FII has bought stock futures worth 4610.87 crores in last 13 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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