Nifty view jul 3

Hi,

Yesterday we had written: “If NF is not sustaining above 5310 then it will go up to 5275-5263-5256 level”.

Yesterday NF opened at 5311.25 but could not sustain above 5310 and made low of 5278.15.

After making low of 5278.15, NF has rallied up to 5324.90 but again fallen up to 5290.

Today, while updating this SGX nifty is trading at 5318.

Today’s trading levels for Nifty Future:

Resistance: 5325-5366-5402-5417

Support: 5275-5267-5258-5223-5204-5159          

Today, 5325 will be first hurdle for NF. On crossover and remaining above will take NF to 5366 level, which will provide some short of resistance. If NF manages to cross this level too then it will take NF to 5402-5417, here bears will be highly active.

On lower side below 5290, 5275-5267-5258 are strong supports. On break below it with huge volumes will take NF to 5223-5204 but chances are less.

Yesterday’s volume of NF was lowest after 14^th May’ 12  and then also NF is going up so as and when bears will get active then expect sharp fall. But till NF is above 5204, there is no problem for bulls.

Regards,

Analysenifty team