NIFTY VIEW JULY 18

Hi,

On yesterday we had written: “Today, on upper side 5229-5236-5240 are immediate resistances for NF. On sustaining above 5240 will take NF to 5262 which will provide resistance”.

Yesterday, NF opened at 5245.25 but could not sustain above 5240. It took attempt to cross and sustains above 5240 but failed. Eventually in panic made low of 5188.20.

Today, while updating this SGX nifty is trading at 5197.

Today’s trading levels for Nifty Future:

Resistance: 5217-5232-5247-5276-5320-5366

Support: 5161-5145-5114-5093-5063

Today, now 5217 will be first hurdle for NF. On crossover above 5217 will take NF to 5232-5247 level zone which is a strong resistance zone. If NF manages to cross and sustain above 5247 then also 5276 will remain a strong resistance for NF.

On lower side, 5161 is a strong support zone. It will be difficult for bears to break this level. Bulls will give their best to protect 5161 level. If NF manages to break and sustain below 5161 then 5145 will be last hope for this year.

One may find overstating statement but: “Break below 5093 will confirm the end of any rally of this year”.

We are expecting a rally at least up to 5400 before any further sizable correction or before any crash in the market. It can be a best chance to exit from the market. But don’t be rigid and trade with levels only.

Alert: Chinese Shanghai composite index is around 3years low and no one is discussing about it.

Regards,

 

ANALYSENIFTY TEAM