NIFTY VIEW JAN 23

Hi,

On Friday we had written:” above yesterday’s high of 5027, NF will go up to 5052. On crossover above 5052 will take NF at 5085”.

NF opened at 5050, made high of 5053.90 and remained below 5052 for the most part of the day and made low of 5006.35. In last half an hour only made high of 5064.80 and closed at 5047.85.

Today, while updating this SGX nifty is trading at 5056.

Today’s trading levels for Nifty Future:

Resistance: 5073-5110-5124-5135-5147-5174-5187

Support: 5015-5006-4961-4950

Now today, 5073 will provide first resistance. On crossover above 5073 will take NF to a huge resistance zone of 5110-5124-5135-5147-5174-5187, really huge!!!!! We have attached NF hourly and daily chart to show why it is a huge resistance zone.

NF had formed doji  on Friday, so can we expect that top has been made of a rally started from 4592?? (Confirmation is required)

On lower side, below 5035 NF will go up to 5015-5006. Break below these levels will take NF to 4961-4950.  

Alert: We are in bear market, now be cautious at higher level. NF has spent already nine 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 6 days.

Regards,

ANALYSENIFTY TEAM