nifty view feb 24

Hi,

Yesterday we had written: “Today also 5522 will play crucial roll. Today’s open and remaining above/below 5522 will indicate strength of bulls and bears respectively.

On remaining below 5522, 5493 will provide support around 5493. On break below 5493 with volumes will take NF to 5444-5421. There is a gap at 5475-5455, on break below 5493 will fill this gap. Below 5421, 5368 is a strong support”.  

Yesterday NF opened at 5509.75 made high around 5520 but could not cross 5522 in the morning session and made low of 5565.45.

Also we had written: “On remaining above 5522, NF will go up to 5552-5569. Above it 5585 is a strong resistance. On crossover above this level, rally may continue”.

After making low of 5465.45, NF has given rally up to 5541.80 but could not cross 5552.

Today, while updating this SGX nifty is trading at 5535.

Today’s trading levels for Nifty Future:

Resistance: 5512-5522-5550-5585-5593

Support: 5503-5465-5444-5421-5417-5368

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.

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.

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

Regards,

analysenifty team