nifty view april12

Hi,

Yesterday we had written: “Today on lower side 5201 will provide support. It will need more power to break this level for bears”.

NF made low of 5203.15 and given rally.

For upper side we had written: “On upper side 5283-5293-5302-5314 is a strong resistance zone. On crossover above it will lead to huge short covering”.

NF made high of 5292.25 and crashed again up to 5224, finally closed at 5251.35.

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

Today’s trading levels for Nifty Future:

Resistance: 5267-5282-5293-5303-5352-5410

Support: 5201-5188-5179-5148-5114-5061

Today above 5267, 5282-5293-5303 is a strong resistance zone again. On crossover above it will lead to huge short covering. Above 5303, we can see 5352 and above it we can see 5410 also.

On lower side, on remaining below 5267, again NF will go up to 5201. This time if NF manages to break 5201 then there will be more pain for bulls. Below 5201, we can expect 5148-5114. One has to keep watching 5188-5179 during this.

FIIs have sold NF worth 2258 crores in last four trading sessions including yesterday’s sell of 311 crores. Till NF is below 5282, 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