Hi,
We had written on 16th Feb and maintain our view thereafter that: “5638-5657 is an ideal zone to go short”.
As all of you know, NF made high of 5634.70 on 21st Feb but could not cross 5638.
On 22nd Feb, we had already indicated about sharp fall below 5585 via SMS to our subscribers.
Once NF has broken 5585 never returned to that level and in just 5
trading sessions from the high of 5634.70, made low of 5326.20, clean
shave of 300+ points.
Yesterday also we had written: “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”.
As all of you know NF made high of 5478 but could not cross 5503 in the opening trade and fallen non stop up to 5326.20.
As usual we had done part profit booking in our short position and rest holding with trailing stop loss.
Today, while updating this SGX nifty is trading at 5357.
Today’s trading levels for Nifty Future:
Resistance: 5386-5403-5419-5444-5465-5481
Support: 5305-5272-5235-5114
Today
if NF is not breaking yesterday’s low of 5326.2 then it will attempt
for 5386. On crossover above it will take NF to 5403. Above it 5419 will
be strong resistance.
Now
below yesterday’s low of 5326.2, 5305 will provide support. Below it NF
can go up to 5272. 5235 will be another level to watch.
Still there is a huge premium of 57 points. Who will get benefit of it, bulls or bears?
Regards,
ANALYSENIFTY TEAM
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