Hi,
Yesterday we had written: “above yesterday’s high of 5149.50, NF will go up to 5174-5187. On crossover above 5187 with volumes will take NF to 5223”.
NF made high of 5177.25 and closed at 5158.
“Markets
are technically at their strongest after a sharp decline and
technically at their weakest after a sharp advance”. -- Robert C Beckman
Today, while updating this SGX nifty is trading at 5211.
Today’s trading levels for Nifty Future:
Resistance: 5187-5198-5219-5297
Support: 5154-5117-5052
Now
today NF will face resistance around 5187-5198. On crossover above
5198, NF will go up to 5219. Considering two different highs from the
high of 6349, trend line resistance comes around 5240 and 5275.
On
lower side 5154 will provide support. Break below it will take NF to
5117; break below this level will indicate sign of reversal.
Today is 20th day is from the low of 4592 and 29th day from the low of 4538. Reversal will occur from Monday (+/- one day) or next Friday i.e. 3rd Feb (+/- one day).
After 4th
Apr’ 2011 (open high was 6000 on that day), first time NF has entered
in to overbought zone in daily chart. So in last 20 days from the low of
4592 what fundamental has changed? On the contrary Government is
finding ways to bridge gap of fiscal deficit. IMF is warning to prepare
for recession like great depression of 1930. Then why market has
rallied? Is the reason to erase bearish consensus from the mind of
investor? We don’t know the reason but we will trade with levels only.
Regards,
analysenifty team
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