NIFTY VIEW NOV 21

Hi,

On 28^th Oct’ we had written:” Although NF has given break out above 5174, we are looking for an end of a rally started from 4725.55 so be cautious on higher side and do not leverage your position”.

On 28^th Oct’ NF had made high of 5402.75 and started downward journey. On last Friday NF made low of 4845.25.

Although looking at technical indicators after covering short position we had taken couple of long attempt around 5175 and 5010 for small rally 2-3days, but in both the cases part booking has saved us from any loss.

Today while updating this, SGX nifty is trading at 4875.

Today’s trading levels for Nifty Future:

Resistance: 4967-5001-5055

Support: 4885-4876-4845-4796-4725

Now today, 4885-4876 are supports for the day. Break below it will take NF to 4845. Break below 4845 and sustaining below it will take NF to 4796. 4725 is the next level.

SGX nifty is suggesting gap down opening but if NF is not breaking 4876 or not sustaining below it then NF will rally up to 4925. Crossover above 4925 and sustain above it will take NF to 4967. Above 4967, 5001 is next hurdle.

Technically oscillators are indicating a rally of at least 3-5 days but statistically FIIs have sold NF worth 4278 crores in last six trading sessions so will they allow NF to go up in this expiry? We don’t know, we will trade with levels only.

Analysenifty team