NIFTY VIEW JUN 15

Hi,

Yesterday we had written: “Today, 5102 will be first support for bulls. On break below and remaining below 5102 will take NF to 5084. Real panic will be below 5084. If NF manages to break 5084 then expect fall up to 5053-5047”.

Initially NF had taken support around 5084 but once broken 5084 level then made low of 5046.25 in panic.

For upper side we had written: “On upper side 5145-5153-5166 are strong resistance zone. Bears will be highly active around this zone”.

In morning session NF had taken an attempt to cross 5145 but could not cross it. It made high of 5138.75 and crashed.

Today, while updating this SGX nifty is trading at 5110.

Today’s trading levels for Nifty Future:

Resistance: 5078-5096-5120-5145-5153-5166-5198

Support: 5049-5022-4990-4953

Today, 5049 will be first and strong support for bulls. Bulls will give their best to protect this level. On break below 5049 will take NF to 5022, a last hope for bulls. On break below 5022 will take NF to 4953. One has to watch 4990 level carefully during this.

On upper side if NF is crossing 5078 then it will indicate strength of NF. Crossover above 5096 will give confirmation of this strength. And if NF is giving closing above 5120 then expect much higher levels in coming days.

So, below 5022 expect sharp panic in the market and above 5120 expect huge short covering.

Regards,

ANALYSENIFTY TEAM