NIFTY VIEW DEC 2

Hi,

Yesterday we had written:” Now today, above 4965 watch out 4993-5018 very carefully. Best thing is to go short around these levels with strict stop loss. Bears will give their best to protect 5018 level”.

NF made high of 5015.05 and crashed to make low of 4936, finally closed at 4957.15.

Today’s trading levels for Nifty Future:

Resistance: 4976-5018-5032-5064-5077

Support: 4936-4919-4886-4862-4852

Now today, on crossover above 4976, NF will attempt for 5018. Crossover above 5018 will take NF to 5032-5064.

On remaining below 4976, NF will attempt for 4936. Break below 4936 with volumes will take NF to a support zone of 4886-4862-4852.

4919 can act as a support, so be cautious around this level too.

Yesterday FIIs have bought NF worth 1035 crores and total 2175 crores in last four trading sessions. Will FII’s dominance continue this time also?

Regards,

ANALYSENIFTY TEAM