Today, while updating this SGX nifty is trading at 5110.
Today’s trading levels for Nifty Future:
Resistance: 5126-5150-5171-5221
Support: 5093-5063-5031-4991
Today, 5093 will provide strong supports. On break below 5093 will take NF to 5063. Below it 5031 is another level to watch.
On
upper side now, 5126 will be strong resistance. For any upside NF must
cross and sustain above 5126. On crossover above 5126 will take NF to
5150. On crossover above 5150, there is a strong supply zone of 5171
which will be difficult for NF to cross. If NF manages to cross 5171
then 5221 will be last and final hurdle for sharp rally.
Price of 5000 put and 5200 call indicates expiry may be between 5100-5200, at least above 5100.
Technically
there is a strong +ve divergence in hourly chart. NF is in highly
oversold zone in hourly chart. In daily chart NF is at lower end of
Bollinger band which will increase chances of reversal. Crossover above
5126 will be first indication of reversal and close above 5171 will
confirm it.
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”.
Alert:
Chinese Shanghai composite index is around 3years low and no one is
discussing about it. Day by day china’s Shanghai composite index is
making new lows, why??????
.
Regards,
analysenifty team
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