NIFTY VIEW NOV 20

Hi,

Yesterday we had written: “Today, watch support zone of 5576-5557-5547 carefully. Chances are bright that NF will take reversal from this zone. But if NF manages to break this support zone then it will try to fill the gap of 5530-5454”.

Yesterday in panic NF made low of 5561.55 and closed at 5589.65.

Today, while updating this SGX nifty is trading at 5605.

Today’s trading levels for Nifty Future:

Resistance: 5609-5626-5651-5691

Support: 5570-5557-5547-5486

Today, 5609 is an immediate resistance for NF. On crossover above it with huge volumes and remaining above it will take NF to 5626, another strong resistance. If NF manages to cross this level too then it will go up to 5651. Here bears will be highly active and they will try their best to protect this level. If NF crosses this level too with really huge volumes and sustains above it then it will take NF to 5591, a trend reversal point.

Today NF must give closing above 5650 to have strength.

On lower side, still watch support zone of 5570-5557-5547 carefully. As mentioned yesterday so far NF has taken support on last Friday and yesterday. Now today follow up move on upper side is required for reversal. Below 5547, NF will fill the gap of 5530-5464.

If one has taken long position on yesterday, hedge it will 5600put or keep sl of 5530.

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

REGARDS

ANALYSENIFTY  TEAM