NIFTY VIEW AUG 3

 GM

Today, while updating this SGX nifty is trading at 5224.

Today’s trading levels for Nifty Future:

Resistance: 5268-5282-5296-5316

Support: 5238-5218-5209-5182-5151

Today, again 5268 will provide resistance for NF. On crossover above 5268 will take NF to 5282-5296. One has to be alert around 5282-5296 zone as it is a huge supply zone and there is a gap at 5280-5313. 5316 is also a strong resistance for NF. In short above 5255, we are now in supply zone.

Now on lower side 5238 will be immediate support for NF. on break below it will take NF to 5218-5209 levels which are strong supports for NF. Chances are less to break these levels but if NF manages to break these levels then it will take it to 5182. Below it 5151 is another level to watch.

Yesterday’s volume of NF was one of the lowest volumes of last couple of years or more, which is not a good sign for the market.

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??????

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Regards,

ANALYSENIFTY TEAM