Nifty view 9th April

Hi,

On last Wednesday we had written: “Today on remaining below, NF will go up to 5346-5335 which is a good support. Chances are less but if NF manages to break 5335 then also 5308 is a major support”.

NF made low of 5324.75 and closed at 5344.55.

Today, while updating this SGX nifty is trading at 5285.

Today’s trading levels for Nifty Future:

Resistance: 5345-5361-5410-5440

Support: 5318-5268-5239-5201-5188

Today on remaining below 5345, NF will go up 5318, which is a strong support. On break below 5318, 5268 is a last hope for bulls. On break below 5268 with huge volumes and remaining below it for 15-20 mins will take NF to 5239.

If bulls are so strong then they will try to protect 5318 level first. If they are not able to protect 5318 level in the opening then they will give their best to protect 5268 level.  Bears will try to give close below 5318 and in their strong position they will try to give close below 5268.

On upper side 5345-5361 are last hurdles for NF.

Since last five trading sessions, volume of NF and total market turnover is declining. 

regards

Analysenifty team 

April 15 2012. 100 years since the sinking of the Titanic in 1912. Could relate to Europe's economy sinking in April 2012. ????