NIFTY VIEW SEP 23

Hi,

Yesterday was a “Bloody Thursday” on the street.

On Tuesday we were looking for breakout above 5175 but NF resisted at 5174.

On yesterday we had written:” 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”.

Look at the fall once broken 5005, made low of 4898.15 in hours only to close at 4913.9 and pain is still continue. While updating this SGX Nifty is trading at 4850.

Today’s trading levels for Nifty Future:

Resistance: 4913-4953-5018-5044-5062

Support: 4892-4827-4816-4801

Now, today below 4892, NF will go up to 4827. If NF manages to break 4827 then also there are supports at 4816-4801. Break below 4801 with volumes then????

Yesterday’s close of 4913 will be first resistance to cross, and once crossed then bulls will take control of the rest.

NF is highly oversold in hourly chart. Bollinger band indicates support at 4795.

FII has sold NF worth 1813 crores on yesterday.

Now what to do? Fear is there on the streets.

"To overcome a fear, here's all you have to do: realize the fear is there, and do the action you fear anyway." -- Peter McWilliams

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