Hi,
On Friday we had written:” Today, 5053 will provide strong support. Break below 5053 will take NF to 5022-5001-4996”.
In the opening trade itself NF made low of 5056 and rallied. In last hour NF has broken resistance of 5140, made high of 5153.70 and closed at 5143.35.
Today’s trading levels for Nifty Future:
Resistance: 5174-5218-5228-5243-5296-5339
Support: 5098-5053-5033
Today, on sustaining above 5140, NF will go up to 5174-5181. Break above it with huge volumes and sustaining above it for 10-15 minutes will take NF to resistance zone of 5218-5228-5243.
There is a gap at 5232-5339, gap may be filled. During that watch 5296 level carefully.
On lower side 5098 is immediate support. Below that 5053-5033 are strong supports.
Charts are indicating to be cautious at higher level. Above 5174, there will be a break out. Will it be a genuine or a trap for bulls? We don’t know. We will 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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