nifty view 12 march

Hi,

On Wednesday, we had written: “Today, on lower side 5207 is a strong support. Bulls may give one more attempt to protect this level. On break below 5207, NF will go up to 5175 which is channel support”.

On Wednesday, in panic NF made low of 5201 and given rally to close at 5258.80.

On Friday we had written: “If NF manages to cross 5333 and closes above it then we may see pre budget rally”.

On Friday, NF made high of 5373.80 and closed at 5364.80.

Today, while updating this SGX nifty is trading at 5405.

Today’s trading levels for Nifty Future:

Resistance: 5405-5418-5428-5437-5490

Support: 5340-5323-5311-5281

Today, above 5375, NF will attempt for 5405. If NF manages to cross 5405 then also there is a strong resistance zone of 5418-5428-5437. On crossover above 5437 with volumes and sustaining above it for 15-20 mins will take NF to 5490, if not today then may be tomorrow.

On lower side 5340 is a strong support now. Chances are less but if NF breaks 5340 then next levels are 5323-5311. Break and closed below 5311 will end this rally.

Today, IIP data will be out. If data is not good then we may see huge volatility on both sides. If data is good then we may see one side rally.  

Regards,

analysenifty team