Hi,
We had written on yesterday:” Below 5042 NF will go up to 5028. From 5028 or from 5002, NF can take reversal. Be alert around these levels”.
Yesterday, NF made low of 5017.3 and closed at 5037.15.
Today’s trading levels for Nifty Future:
Resistance: 5071-5086-5135-5175
Support: 5017-5002-4975
Now, today if not breaking low of yesterday then NF will go up to 5071-5086. Crossover above 5086, NF will attempt for 5135.
On crossover above 5135 will increase possibility of crossing 5175 this time.
On break below yesterdays low, 5002 and 4975 are good supports.
trend line support of NF comes around 4975. Above 5175, there can be H&S break out.
Again repeating, we are not bullish with the market. We are just playing counter rally of down trending market.
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