Hi,
On Friday, above 4865-4881 our level was 4920. Above that last and major resistance was 4950. NF made high of 4939 after that made low of 4872.55 and closed at 4898.60.
Today’s trading levels for Nifty Future:
Resistance: 4939-4950-5002-5036
Support: 4873-4844-4832
Today, on upper side 4939-4950 will provide good resistance. On sustaining above it for 10-15 minutes with volumes will take NF to 5002.
5036 is last hurdle for bulls.
Till NF is above 4873 there is no problem for bulls. Break below 4873 will take NF to 4844-4832 in panic. Below 4832, real pain will start for bulls.
FII has bought NF worth 1581 crores on Friday. Was that short covering or fresh buying? We don’t know. We will watch 4873 carefully.
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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