NIFTY VIEW 7TH FEB

Hi,

Yesterday we had written: “today above Friday’s high of 5357.50, NF can go up to 5403. 5403 will provide good resistance. On crossover above 5403 with volumes, NF will go up to 5444. 5444 is a last hope for bears. Bears should be aggressive between 5403-5444 to regain their power”.

NF opened at 5391.30, made high of 5398 and fallen up to 5332.60. Again in last 30 minutes given rally and finally closed at 5366.85.

Today, while updating this SGX nifty is trading at 5388.

Today’s trading levels for Nifty Future:

Resistance: 5403-5416-5444-5504

Support: 5332-5262

Today again 5403 will provide good resistance. On crossover above 5403 with volumes, NF will go up to 5444. 5444 is a last hope for bears. Bears should be aggressive between 5403-5444 to regain their power.

Now, 5332 has become strong support on lower side. Till NF is above 5332 bulls will have upper hand.

As per time theory yesterday’s high is important. Now if NF makes any high then rally can extend up to 21days more (including any deep of 100-200 points).

So far (-ve) divergence is intact in daily chart. Today’s close will give more clarity.

BUY   HDIL  SL 82 TGT 90,95

Regards,

ANALYSENIFTY TEAM