nifty view aug 14

Hi,

Yesterday we had written: “If not sustaining above 5343 then it will take NF to 5320-5313 level. Bulls will give their best to protect these levels”.

Yesterday NF opened at 5338 remained below 5343 and in panic made low of 5326.85. In last one hour NF had given rally to make high of 5377.70 and closed at 5371.90.

Today, while updating this SGX nifty is trading at 5371.

Today’s trading levels for Nifty Future:

Resistance: 5376-5384-5394-5402-5414-5440-5454

Support: 5357-5328-5304-5285-5267-5259

Today, 5376 will be first hurdle for NF. Open above or below 5376 will indicate strength or weakness of NF respectively. Anyway above 5376, we are in a strong resistance zone of 5384-5394-5402-5414. It will be tough for NF to cross these levels. If NF manages to cross these levels then also 5440-5454 are another zone from where one can expect huge supply.

On lower side 5357 is an important support for NF. Ideally NF should not go below 5357 without making new high. Below 5357, 5328 is another strong support for NF.

Now, if NF is breaking 5320 level then exit from all long position immediately. We are expecting top of this rally on this Friday or on next Monday and then sharp fall in the market. Reason, we don’t know.

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”.

NF made high of 5393.55, almost achieved 5400 level.

regards 

analysenifty team