nifty view oct 18

gm

Hi,

Yesterday we had written: “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”.

Yesterday NF opened at 5686.15, made high of 5694.85 and fallen.

For lower side we had written: “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”.

 After making high of 5694.85, NF had fallen up to 5645.55 but could not break 5644.

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

Today’s trading levels for Nifty Future:

Resistance: 5673-5689-5693-5706-5721-5747-5779-5801-5818

Support: 5644-5631-5599-5586-5551

Today, 5673 is immediate resistance for NF. On crossover above 5673 with volumes will take NF to 5689-5693-5706 which are strong resistance for NF. On crossover and sustaining above 5706 will lead to short covering which will take NF to 5747. One has to watch 5721 during this.

On lower side 5644-5631 are still good supports. On break below it and sustaining below 5644-5631, there will be bloodbath in the market and it will take NF to 5599-5586. Below 5586, expect 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?

Regards,

analysenifty team