NIFTY VIEW JUNE 7

Hi,

As written many times that best thing to break any support/resistance is to break it by gap down or gap up opening. And that’s what was happened on yesterday.

Yesterday we had written: “Today, above 4853, there is a strong resistance zone of 4876-4886-4895. There will be huge supply again around this resistance zone. On crossover and sustaining above 4895 will take NF to 4926. 4949 is last hope for bears”.

Yesterday NF opened with open low of 4882.65 (in chart it was open low of 4887.70) and rallied up to 4987.80.

Today, while updating this SGX nifty is trading at 5046.

Today’s trading levels for Nifty Future:

Resistance: 5013-5032-5079-5095

Support: 4939-4916-4902-4880

Today, above yesterday’s high of 4987.80, NF will go up to 5013-5032. On crossover and sustaining above 5032 will take NF to a strong resistance zone of 5079-5095.  Before going up further NF should take pause around these levels. Best thing to do is to go short around this resistance zone with small and strict stop loss.

On lower side 4939-4916-4902 are strong supports for NF. Till NF is above 4902, there is no problem for bulls.

Regards,

ANALYSENIFTY TEAM