Nifty view april 2

Hi,

On Friday we had written: “On remaining above 5239 will indicate strength of NF. If NF manages to cross 5255 level then we may see 5295 level too”.

NF opened at 5246, made low of 5239 and zoomed to make high of 5346.90.

Today, while updating this SGX nifty is trading at 5328.

Today’s trading levels for Nifty Future:

Resistance: 5347-5385-5394-5410-5440-5485

Support: 5294-5262-5239-5185

Today, on crossover above Friday’s NF will go up to 5385-5394-5410. On crossover above this resistance zone NF will go up to 5440.

If NF is not crossing Friday’s high then 5294 will be first support. On break below 5294 will take NF to 5262, which is a strong support for NF. If NF manages to break 5262 with huge volumes and remains below it then there will be a sharp fall which may fill the gap from 5239 to 5185.

On Friday, NF has rallied 100+ pts but FIIs have sold NF worth 500 crores, what does it mean? Was it fresh short or it was long covered? What will happen if FIIs will cover their short position? What will happen if FIIs will take strong control of their short position? If longs were covered then why they have covered their long?

PHARMA STOCKS R FIREEEE

Regards,

ANALYSENIFTY TEAM