Hi,
Yesterday we had written:” 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”.
So, first bulls have protected 4813 in the morning trade. NF made low of 4818 in the morning and reversed, then bears have defended around resistance of 4879. NF made high of 4884.75 and crashed.
Finally on the news of SBI downgrade, crucial support of 4813 was broken and NF made low of 4725 in minutes only. NF closed at 4775.
Today’s trading levels for Nifty Future:
Resistance: 4819-4841-4855-4881-4897
Support: 4718-4680-4667-4618-4583
Today, on remaining below 4795, NF can retest 4725-4718. Break below 4718 will take NF to 4680-4667.
On sustaining above 4795 with volumes will take NF to 4819. Crossover above it will take NF to 4841-4855. Above 4855 NF can zoom up to 4881-4897.
+ve divergence in 15min chart, oversold in hourly chart and at lower end of Bollinger band in daily chart indicates reversal, if not reversal then at least pause in the fall.
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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