NIFTY VIEW APRIL 11

Hi,

Yesterday below 5239 our support was 5201. NF made low of 5226 and reversed. On upper side our resistance was 5284. NF made high of 5277.50 and closed at 5266.15.

Yesterday NF has spent entire day between 50DEMA and 200DEMA.

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

Today’s trading levels for Nifty Future:

Resistance: 5283-5293-5302-5314-5358-5410

Support: 5201-5188-5134-5114-5061

Today on lower side 5201 will provide support. It will need more power to break this level for bears. On break below 5201, NF will go up to 5188. Below 5188, 5134-5114 are another area where bulls can take attempt to revive.

On upper side 5283-5293-5302-5314 is a strong resistance zone. On crossover above it will lead to huge short covering.

FIIs have sold NF worth 1947 crores in last three trading sessions. Till NF is below 5300, there is no problem for bears. Close below 5201 will give more strength to bears.

This is the 8^th week from the high of 5635 so if there is any chance of reversal, it should happen from this week else we may see down trend for 5more weeks.

Regards,

AnalyseNifty Team