Nifty Fut (NF) suffered some retracements yesterday and possibly today at opening of our market along with global markets on the back of some disappointing China export/import data (being the global factory) and Japan data (Abenomics is not working ?). This coupled with Parliament dysfunction issue for the last few days also affected sentiment of our market. But Parliament may start to function normal and pass the important reform bills from today/tomorrow.
Near term support of NF now around 8420-8399 zone, sustaining below that, we could see 8315 & 8208 area .
On the upside, 8520-8550 area should offer some resistance as of now and above that NF may reach 8590-8675 zone again in the next few days.
Overall, its still a BUY ON DIPS market, but one can expect some cyclical corrections of around 5% from the intermediate top, which is healthy for a BULL MARKET like ours.
Trading Levels: Nifty Fut (NSE-DEC)
| Gap Up/Dw | (Indicative) | |||||
| SGX NIFTY | 8455 | -30 | ||||
| NF-DEC | LTP | 8485 | ||||
| SL (+/-) 10 POINTS | FROM SLR | |||||
| Intraday Swing | Trader | |||||
| T1 | T2 | T3 | SLR | |||
| Strong > | 8450 | 8478-8505 | 8522-8550* | 8575-8590 | <8430 | |
| Weak < | 8430 | 8399-8371 | 8350-8337* | 8315-8286 | >8450 | |
| FOR | Conservative | Positional | Trader | |||
| T1 | T2 | T3 | SLR | |||
| Strong > | 8450 | 8505 | 8550* | 8590-8675 | <8430 | |
| Weak < | 8430 | 8371 | 8337* | 8286-8208 | >8450 |
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