nifty view 20th jan

Hi,

Yesterday we had written:” First hurdle for the day is 4990. On crossover above it will take NF to 5019. If NF crosses 5019 with huge volumes and remains above it for 10-15mins then NF will go up to 5052”.

NF opened at 4996, made low of 4991 (remained above 4990) and made high of 5027.20.

Today, while updating this SGX nifty is trading at 5047.

Today’s trading levels for Nifty Future:

Resistance: 5052-5085-5135-5147-5174

Support: 4990-4981-4929-4898-4835

Now today, above yesterday’s high of 5027, NF will go up to 5052. On crossover above 5052 will take NF at 5085. If NF is crossing this level too then 5135-5147-5174 is a zone to watch.

On lower side 4990-4981 will provide immediate support. Break below it will indicate first sigh on weakness. Sustaining below 4981 will take NF to 4929. Below 4929 we will see panic in all around the market.

Alert: We are in bear market, now be cautious at higher level. NF has spent already eight days at upper end of Bollinger band. (–ve) divergence persist in hourly chart.

In bear market, bulls can not defeat bears so easily unless and until bears set a trap for bulls by showing that they are defeated.

If our view is right then keep handy your cardiologist’s number for next 7 days.

Regards,

analysenifty team