Nifty view may30

Hi,

Yesterday we had written: “Today on crossover above yesterday’s high, 5002 will be first hurdle for the day. On crossover above it will take NF to another supply zone of 5035-5046-5062”.

Yesterday NF had taken few attempts to cross 5002 but could not sustain above it. NF made multiple high around 5008 and in last few minutes crashed up to 4974.

Today, while updating this SGX nifty is trading at 4944.

Today’s trading levels for Nifty Future:

Resistance: 5008-5035-5046-5062-5097

Support: 4959-4930-4897-4839

Today, 4959 will be first support for the NF. On opening/remaining below 4959 will take NF up to 4930. To keep this uptrend intact, NF should be protected around this level. On break below 4930 will take it to 4897. Break below 4897 with volumes will give panic in the market which will take NF to 4839.

For the good health of bulls, 4930 level should be protected else it will lead to basket selling in the market.

On upper side above 5008, still 5035-5046-5062 will be a huge supply zone. Crossover above 5062 with volumes will take NF to higher levels.

Regards,

Analysenifty team