nifty view jan 24

Hi,

Yesterday we had written:” On lower side, below 5035 NF will go up to 5015-5006. Break below these levels will take NF to 4961-4950”. 

NF made open-low of 5034 and remained above 5035.  

For upper side we had written:” 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!!!!!”

NF made high of 5062.30, even could not cross Friday’s high and closed at 5051.05.

Today, while updating this SGX nifty is trading at 5065.

Today’s trading levels for Nifty Future:

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

Support: 5034-5006-4982-4946

Now today again, 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!!!!! .

On lower side, 5034 has become a strong support now. Break below it with huge volume will take NF to 4982. 5006 can provide minor support.

Once breaks 4982 with huge huge volumes and remains below that for 10-15 mins then we can see bloodbath.

If NF is not breaking 4982 in next two days then next Monday’s high will be crucial for the market.

Alert: We are in bear market, now be cautious at higher level. NF has spent already ten days at upper end of Bollinger band. (–ve) divergence persist in hourly chart. Yesterday was lowest volume after 18^th Jul’ 11. RBI policy will be announced today so there can be huge volatility in the market.

If our view is right then keep handy your cardiologist’s number for next 5 days.

Regards,

analysenifty team