Tuesday, October 4, 2011

NIFTY UPDATE OCT 4

Hi,
Yesterday we had written to watch 4866 level carefully. In the opening just for couple of seconds NF was above 4866 else it remained below it and made low of 4823.
Took reversal from 4823 but again faced resistance at 4867. Finally made low of 4813 and then reversed again to make high of 4879, closed at 4857.75.
Today’s trading levels for Nifty Future:
Resistance: 4879-4907-4925-4937
Support: 4845-4813-4768-4756-4718
Today, watch 4845 level carefully. Sustaining below 4845 will take NF to 4813 and break below it will take to 4768-4756-4718 levels.
Sustaining above 4845 will take NF to 4879. On sustaining above 4879 with volumes will fill the gap 4879-4920. 4907-4925-4937 are levels which can provide resistance.
You may find so many levels today but at this point of time NF is at critical juncture so bulls and bears will give their best to take control of NF.
Yesterday’s turnover was lowest turnover of last 30 trading days (lowest after 6th Jul’ 11).
Again repeating, we are not bullish with the market. We are just playing counter rally of down trending market.
More details to our subscribers.

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