NIFTY VIEW JULY 19

Hi,

Yesterday we had written: “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”.

In panic NF made low of 5177.2 and reversed.

For upper side we had written: “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”.

After making low of 5177.20, NF reversed and made high of 5237.25 and closed at 5223.55.

Today, while updating this SGX nifty is trading at 5264.

Today’s trading levels for Nifty Future:

Resistance: 5241-5271-5317-5366

Support: 5220-5161-5145-5114-5093-5063

Today, above 5241, 5271 will be an important level to watch as it is a good resistance for NF. On crossover above 5271 will take NF to 5317. If NF manages to cross 5317 then next hurdle will be at 5366.

On lower side, now 5220 will be strong support for NF. Chances are less to break this level but on break below it will again take NF to 5175-5161 zone. 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”.

Yesterday we had already written this: “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”. Result is in front of your eyes.

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

Regards,

ANALYSENIFTY TEAM