NIFTY VIEW 27 FEB

Hi,

On Friday we had written: “Today on upper side 5503-5512-5522 is resistance zone. On crossover above 5522, NF will go up to 5550. Above 5550, 5585-5593 are last hurdles for bulls”.

On Friday NF opened above 5522. Yes, above 5522, crossed 5550 too to make high of 5564.15 but could not sustain above it for even 10 minutes and fallen back below 5550.

For lower side we had written: “If NF is not crossing 5550 and breaks 5503 then chances are bright that NF breaks 5465. Below 5465, 5444-5421-5417 is support zone. If NF breaks 5417 then we will see non stop fall up to 5368”.

Yes, NF has faced difficulty to break 5465. Eventually broken 5465 and made low of 5456.25 (filled the gap of 5475-5455, mentioned on last Thursday) and finally closed around 5486.

Today, while updating this SGX nifty is trading at 5475.

Today’s trading levels for Nifty Future:

Resistance: 5503-5507-5522-5546-5567-5593

Support: 5444-5421-5404-5368

Today on upper side 5503-5507 are resistance. Above 5507, 5522 will be strong resistance. On crossover above 5522, NF will go up to 5546-5567. 5593 is last hurdle for bulls.

If NF is not crossing 5503-5507 then again it will try to break 5444. Now this time if manages to break 5444 and remains below it for 10-15 mins then we may see non-stop fall up to 5368. During this, 5421-5404 are minor supports to keep in mind.

There is a huge premium of 54 points. Who will get benefit of it, bulls or bears?

Today till NF is below 5550, bears will have upper hand.

Regards,

ANALYSENIFTY TEAM