Nifty update for 30th Dec' 11

Hi,

Yesterday we had written:” Bulls will try to protect 4682-4671. On break below it with volumes will take NF to 4641”.

In the first half of the trading session, bulls have managed to protect 4671 but later on aggressive selling has broken that level. Below 4671, our level was 4641. NF made low of 4638.70.

Today, while updating this SGX nifty is trading at 4710.

Today’s trading levels for Nifty Future:

Resistance: 4710-4724-4730-4766-4808

Support: 4661-4638-4594-4538

Now today, on upper side there is a strong resistance zone of 4710-4724-4730. Bulls will need lots of power to cross there levels. On crossover above, NF will go up to 4766.

On lower side 4661-4638 are now crucial levels to watch. Break below these levels and closing below these levels will lead to new low in the market. 

Regards,

Analysenifty Team