Hi,
For Friday, our view was clear:” on remaining above 4976, 5042 is a minor hurdle, on cross over above it will take NF to 5097”.
After making high of 5062, NF fell and made low of 4988.8 (but could not break 4976) and reversed to close at 5034.1.
While updating this, SGX nifty is trading at 4965, down 81 points. (We have already mentioned about –ve divergence in NF 15 min chart and supply zone around 5097-5116).
Today’s trading levels for Nifty Future:
Resistance: 5097-5116-5190
Support: 4986-4951-4931-4895
Today on break below 4986, NF will attempt for 4951. 4951 is a strong support, on break below 4951 with volumes and sustaining below it for 5-10 mins will take NF to 4895.
4931 is a level to watch if NF is making low around this.
On upper side 5097-5116 are good resistances.
NF 15 chart is showing -ve divergence in RSI.
FII has bought NF worth 2727 crores in last four 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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