NIFTY VIEW FOR 1ST Feb' 12

Hi,

Yesterday we had written: “Today above 5139, bulls will have upper hand and below 5096, bears will have upper hand”.

We had also written: “today 5139 will be a first hurdle for the day. How NF opens around this level will indicate today’s movement of NF. On crossover above 5139, NF will go up to 5163. On crossover above this level will take NF to 5194”.

NF opened at 5135.10, made low of 5130 in first 5mins of trade and then remained above 5140 after first 5mins. Given rally in last hour of trade to make high of 5234.

Today, while updating this SGX nifty is trading at 5219.

Today’s trading levels for Nifty Future:

Resistance: 5240-5259-5295-5302

Support: 5201-5181-5168-5130

Now today on remaining above 5201, rally will continue. Above 5240, NF will go up to 5259. There is a channel resistance in weekly chart around 5250-5260, refer attached NF weekly chart. Above 5259 NF will go up to 5295-5302.

Today below 5201, 5181-5168 will provide good supports. If NF manages to break these levels too then also 5130 will be tough for bears to break it. If NF breaks 5130 with huge volume then sell anything and everything.

We were expecting top on Monday (+/- 1day) or on this Friday (+/- 1day). Let’s see top is made on yesterday or not. Probable (-ve) divergence set up is developing in daily chart, need confirmation. Last (-ve) divergence has seen during sep-oct’ 2010 in daily chart.
Regards,
Analysenifty Team