NIFTY VIEW FEB 8

Hi,

Yesterday above 5403, our next resistance level was 5416.

Do you know high of yesterday? NF made high of 5414.80 and fallen.

We had already written: “5444 is a last hope for bears. Bears should be aggressive between 5403-5444 to regain their power”.

So we will keep witnessing aggressive selling in this zone.  

For lower side we had written: “5332 has become strong support on lower side. Till NF is above 5332 bulls will have upper hand”.

NF made low of 5340 and closed at 5355.

Today, while updating this SGX nifty is trading at 5375.

Today’s trading levels for Nifty Future:

Resistance: 5378-5396-5416-5444-5504

Support: 5345-5340-5324-5287-5258

Today 5378 will be first hurdle for the day. Above that 5396 will provide resistance. On crossover above this level will take NF to 5416. We will keep witnessing aggressive selling in 5403-5444 zone.

On lower side 5345-5340 are now strong supports. Bulls will give their best to protect these levels. On break below these levels with volumes and sustaining below it for 10-15mins will take NF to 5287. 5324 may provide minor support.

So far (-ve) divergence is intact in daily chart.

Alert: although NF has closed below on yesterday but still FIIs have bought NF worth 693 crores.

BUY  KOTANK BANK SL 520  TGT 550,600 

HDIL 85 TO 87

REGARDS

ANALYSENIFTY