NIFTY VIEW JUNE 14

Hi,

Yesterday we had written: “Today, if NF is not crossing 5138 and breaks 5109 then it will be a first sign of weakness. On break below 5109 will take NF to 5080 which is a strong support. Here we may witness strong tussle between bulls and bears”.

In panic NF made low of 5090.65 and reversed.

For upper side we had written: “On upper side above 5138, 5153-5166 are strong resistance zone. Bears will be highly active around this zone”.

After making low of 5090.65 NF has given rally and made high of 5144.85 but could not sustain above 5138.

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

Today’s trading levels for Nifty Future:

Resistance: 5145-5153-5166-5198

Support: 5102-5084-5053-5047-5022-4990

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. Below 5047, 5022 will also be a strong support for bulls. Chances are less of NF going below 5022 but if NF manages to break 5022 then expect 4990.

On upper side 5145-5153-5166 are strong resistance zone. Bears will be highly active around this zone. If NF manages to cross 5166 then also 5198 is another area from where we will witness aggressive selling.

Yesterday on 8^th day NF has made high of 5144.85 with –ve divergence in hourly chart. Correction of a rally of 384 points is due. Only concern is FIIs buying of 1076 crores in NF on yesterday.

Regards,

ANALYSENIFTY TEAM