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As mentioned in yesterday post Nifty fut was able to breach resistance of 5046 and traded higher.
Today Intraday resistance Is at 5118 .trading above this level with good volumes may take nifty up to 5210 in coming days provided
following Events not turn tobe negative.
Events Watch out for today
RBI deliberation on probable rate hike
European Economic and Financial Affairs meeting
Yesterday mornings post I clearly mentioned about reasons for nifty behaviour.
Nifty pullback rally was because of short covering.
What next?
Nifty has resistance at 5046 and downside it has support at 4900 levels and breach of either levels will lead to sharp upside or downside movement.
Be cautious at higher levels.
Nifty is in down trend and minor bounce back Is possible only if positive triggers like
1)if RBI not hike interest rate
2)clarity in euro debt crisis
As mentioned in earlier post Nifty-Fut Closed below medium Term Support of 4960 . Europian Debt Crisis is hurting world Economic Condition which is appearing in All markets.
Let us wait and watch wether Near term suppport of 4920 is not breached t0 test next supports 4890-4810-4750-4720
Impact of German Bailing Out Euroipan Nations already appeared in US market which have surged yesterday.
Indian Market also halted yesterdy near resistance and this news acts as key trigger and rally may continue till nifty reaches 5220..After a pause, if RBI policy is not negative It may surge up to 5300.
On account of achieving 20000 visitors mark, as a tribute to visitors and supporters of my blog.
Analysis of S&P-500-FUT trading in NSE-FNO section will be posted in blog.
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since nifty has not breached immdiate support of 4960 yesterdays live analysis posted at 10.38am holds good
nifty Sept fut
Buy at / above: 4987.89 Targets: 5003.05 - 5020.75 - 5038.47 - 5056.23 Stoploss : 4970.25 Sell at / below: 4970.25 Targets: 4955.11 - 4937.53 - 4919.97 - 4902.45 Stoploss : 4987.89
as market has opened gap down i am postin this Nifty live analysis
Buy at / above: 4987.89 Targets: 5003.05 - 5020.75 - 5038.47 - 5056.23 Stoploss : 4970.25 Sell at / below: 4970.25 Targets: 4955.11 - 4937.53 - 4919.97 - 4902.45 Stoploss : 4987.89