Hi,
Yesterday we had written: “Today if NF is not breaking 5304 and crosses 5365 then we will see huge short covering in the market which will take NF to 5402”.
NF opened at 5330.05, made low of 5312.85 and in last minutes of trade made high of 5366.15.
Today, while updating this SGX nifty is trading at 5330.
Today’s trading levels for Nifty Future:
Resistance: 5365-5402-5462
Support: 5330-5312-5306-5273-5228-5182
Today,
5330-5312-5306 is a strong support zone for bulls. Bulls have not been
successful to cross 5365 since last two days. So today if NF manages to
break 5306 level with volumes and remains below it then NF will go up to
5273.
On
remaining below 5273 will take NF to 5228. Below it next support is
5182. If NF is not crossing 5365 today and gives close below 5300 then
it will indicate short term reversal.
On
upper side 5365 still remains a major hurdle. Today on crossover above
it will give huge short covering which will take NF to 5402.
Today open above 5330 or open below 5330 will indicate strength of bulls and bears respectively.
Global
cues and SGX nifty are indicating –ve opening. Only positive for bulls
is FIIs have bought NF worth 1746 crores in last three trading sessions
including yesterday’s buy of 653 crores. NS has given breakout on upper side but follow up move is missing.
Regards,
Analysenifty team
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