Hi,
Since last two days NF has contracted its range.
Yesterday NF has spend some time to protect 5305 but eventually broken that level and made low of 5270.10, our support was 5279, and reversed to make high of 5333.75.
Today’s trading levels for Nifty Future:
Resistance: 5333-5357-5403-5436-5451-5467
Support: 5270-5221-5174
Last two day’s consolidation has shifted bias toward upper side (valid till above 5270).
Today, first NF will face resistance around 5333, on crossover above 5333; NF will take attempt for 5357. On crossover above 5357 will take NF to 5403, and as mentioned earlier which is a supply zone.
If NF manages to cross 5403 then also 5451 is a strong resistance.
On lower side 5283-5270 is a strong support; break below it will take NF to 5221.
5174 is last hope for bulls.
Yesterday’s volume in NF was lowest volume after 1st Aug’ 11. Be cautious at higher levels and don’t leverage your long position. Trade with strict stop loss or trade with proper hedging position.
More details to our subscribers.
Regards,
analysenifty team
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