NIFTY VIEW AUG 8

GM

 

Today, while updating this SGX nifty is trading at 5366.

Today’s trading levels for Nifty Future:

Resistance: 5364-5402-5414-5454

Support: 5319-5308-5272-5265

Today, again 5364 will provide resistance. On crossover above it with volumes and sustaining above it will take NF to 5402-5414 levels. If NF is crossing these levels too then next hurdle will be 5454.

On lower side 5319-5308 will be immediate supports for NF. In a strong position of bulls, these levels should be protected. Below it, 5272-5265 are strong supports. To continue this trend up, these levels should be protected.

Technically now we are over bought in hourly chart. One can expect a deep from 5400 level.

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”.

Yesterday NF made high of 5366.80 and now all set to cross 5400 level too.

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