Hi,
On Tuesday, we had written:” Today on crossover above 4954 with volumes will take NF to 4971. Crossover above 4971 with volumes will take NF to 5010”.
NF made high of 5021.55 and closed at 5003.
NF has already rallied more than 300 points from the low of 4718.
Today’s trading levels for Nifty Future:
Resistance: 5042-5097-5116-5190
Support: 4938-4923-4870
Today on remaining above 4976, 5042 is a minor hurdle, on cross over above it will take NF to 5097.
Now watch 5097-5116 levels carefully, there can be supply around this zone. Aggressive bears can take short attempt around 5097-5116 with strict stop loss.
On lower side 4938-4923 are good supports.
-ve divergence is building up in NF 15 min chart, need confirmation.
FII has bought NF worth 2188 crores in last three days.
Again repeating, we are not bullish with the market. We are just playing counter rally of down trending market.
Regards,
Analysenifty Team
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