nifty view feb 9

Hi,

Yesterday we had clearly written: “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”.

NF made high of 5424.75 around 2pm, then given sharp fall.

For lower side we had written: “On lower side 5345-5340 are now strong supports. Bulls will give their best to protect these levels”.

In panic NF made low of 5343.25 and given sharp bounce up to 5404 again.

Today, while updating this SGX nifty is trading at 5378.

Today’s trading levels for Nifty Future:

Resistance: 5404-5425-5444-5478-5504

Support: 5367-5340-5329-5312-5263

Today 5367 is a level to watch. If NF breaks this level with volumes and remains below it for 10-15mins then NF will go to support zone of 5340-5329-5312

If NF manages to break 5312 with volumes then in no time NF will go up to 5263.

On upper side, If NF is not breaking 5367 and breaks 5404 then chances are bright that NF will go up to 5444. Bulls are keen to break level of 5444 before any sizable correction at the same time bears will be more aggressive in 5403-5444 zone.

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

Alert: yesterday also FIIs have bought NF worth 184 crores but surprisingly they have sold stock future worth 564 crores. Is it profit booking or fresh selling???

BUY BANK OF INDIA  SL 360   TGT 390,400,410  CMP 370

HDIL 85 TO 90

Regards,

ANALYSENIFTY TEAM