Nifty Update for 7th Dec'11

Hi,

Monday was just inside day for the market.

For Monday we had written:” if not crossing 5094 then NF will attempt for 5015-4996”.

NF has not cross 5094 and made low of 5022.20. NF made an effort to cross 5094 but made high 5085.90 and closed at 5065.60.

Today’s trading levels for Nifty Future:

Resistance: 5094-5108-5137-5171

Support: 5022-5015-4955-4936-4925

Now today again, if not crossing 5094 then NF will attempt for 5022-5015. Ideally to keep this uptrend, NF should take support around 5022-5015. If NF breaks these levels then next support is around 4955-4936-4925.

On crossover above 5094, NF will go up to 5108-5137. 5171 is a previous supply zone so that will be a good resistance.

Break below 5022-5015 without making new high will give first indication of an end of a rally started from 4632. Confirmation will come only break below and closing below 4955-4936-4925. If NF is crossing 5094 then rally may extend till next Monday.

 More details to our subscribers.

Regards,

Analysenifty Team