Nifty View April 16

Hi,

On Friday we had written: “Today above 5284, NF will go up to 5352. 5352 will provide good resistance”.

NF opened at 5303.90, made low of 5293 and rallied up to 5330.

For lower side we had written: “On lower side, 5284-5279-5260 are last supports for bulls. Till NF is above this support zone, there is no problem for bulls”.

Below 5279, our supports were 5201-5188 and once NF broke 5279, there was bloodbath in the market. NF made low of 5195.20 in minutes only and closed at 5221.10.

Today, while updating this SGX nifty is trading at 5180.

Today’s trading levels for Nifty Future:

Resistance: 5250-5269-5296-5330-5367

Support: 5188-5168-5125-5114-5061

Today on lower side 5188-5168 are supports. On break below 5188-5168, NF will go up to 5124-5114. Some protection should come from these levels. On break below 5114, 5061 is another support to watch.

On upper side 5250-5269 are strong resistances. It will need lots of power to cross these levels.

As expected, FIIs have bought NF worth 214 crores in such panic on Friday.

Today inflation data will be out and tomorrow much discussed RBI policy is going to be announced so expect lots of volatility in these two days.

Regards,

Analyse Nifty Team