We had mentioned about Nifty taking support around 4940-70. Already we have seen it touch a low of 4972 (We always speak in terms of Nifty 1st month futures if not mentioned otherwise).
Going forward, two possibilities come up:
1. Nifty bounces from the current levels (range ~ 4940-4970, reason being explained as in earlier post) to 5270-90 region before falling drastically towards 4500 and,
2. NF slides to 4940 and closes below 5018, thereby opening chances of further slides from here only.
So, to my view 4940 holds as the key support zone on intraday basis and 4990-5018 as the closing basis. Any close above that will see panic buying as being supported by the weekly levels and as explained in the previous post for daily levels. One thing to be kept in mind is that we will surely see 4500 before the final rally towards new highs, but the question remains when? Now or from 5290. So watch carefully Mondays trading.....
Happy trading!!!
[For those who want to subscribe to our services, please dial 9433071980 or visit www.saptarshimandal.com for details. Special offer going on till 5th Novemeber. Refer site for details].
Going forward, two possibilities come up:
1. Nifty bounces from the current levels (range ~ 4940-4970, reason being explained as in earlier post) to 5270-90 region before falling drastically towards 4500 and,
2. NF slides to 4940 and closes below 5018, thereby opening chances of further slides from here only.
So, to my view 4940 holds as the key support zone on intraday basis and 4990-5018 as the closing basis. Any close above that will see panic buying as being supported by the weekly levels and as explained in the previous post for daily levels. One thing to be kept in mind is that we will surely see 4500 before the final rally towards new highs, but the question remains when? Now or from 5290. So watch carefully Mondays trading.....
Happy trading!!!
[For those who want to subscribe to our services, please dial 9433071980 or visit www.saptarshimandal.com for details. Special offer going on till 5th Novemeber. Refer site for details].
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