Hi,
For yesterday, above Tuesday’s high our resistance was 5175, NF made high of 5173.9. Our support was 5104, NF made low of 5113 and closed at 5141.3.
We were looking for H&S break out above 5175 but NF could not cross it and resisted at 5174.
While updating this SGX Nifty is trading at 5051.
Today’s trading levels for Nifty Future:
Resistance: 5175-5190-5223-5239
Support: 5088-5038-5015-5005
Now, today below 5088, NF will go up to 5038. There is a strong support zone around 5038-5015-5005. Bulls needs to protect this support zone (and it is likely so) else there will be more pain for them.
Today’s fall will be due to global factor, else charts are indicating possible break out on upper side (valid till protecting 5038-5015-5005).
What to do? One needs to trade with levels only.
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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