Nifty view oct 17

Hi,

Yesterday we had written: “5703-5711 are immediate resistance for NF. On crossover above 5711 with volumes will take NF to 5738-5756”.

NF had opened above 5711 and made high of 5732 but could not sustain above it. And once broken 5611 decisively there was a sharp fall in NF.

For lower side we had written: “On lower side 5679-5666 are a good support. On break below it and sustaining below it will take NF to 5644-5631. If NF manages to break 5644-5631 will take NF to 5599-5586”.

 After breaking and sustaining below 5666, NF had taken support at 5637.40.

Today, while updating this SGX nifty is trading at 5685.

Today’s trading levels for Nifty Future:

Resistance: 5665-5677-5696-5706-5721-5747-5779-5801-5818

Support: 5644-5631-5599-5586-5551

Today, 5665-5677 are immediate resistance for NF. On crossover above 5677 with volumes will take NF to 5696-5706 which are strong resistance for NF. On crossover and sustaining above 5696-5706 will lead to short covering which will take NF to 5747.

On lower side 5644-5631 are still a good support. On break below it and sustaining below 5631 there will be bloodbath in the market and it will take NF to 5599-5586-5551.

If NS manages to break 5636 and sustain below it then it will trigger Head and Shoulder break out of 175 points.

Some suspicious selling was happened on last Friday in Nifty stocks. What was it, a genuine mistake or some indication?

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??????

Shanghai is giving some rally, let’s see how it manages to sustain above 2100.

Regards,

Analysenifty Team