Nifty Fut(NF) has to trade above 8475 this week for 8555/8665-8721 zone. Sustain above 8721, NF has the potential to touch 8900 zone (pre-budget rally), probably by this month.
On the downside, NF has some intermediate support around 8390 zone, below which 8316-8280 zone should offer positional support this week.
Going forward, Bank Nifty may outperform in our market.
Subdued global growth outlook and the strong possibility of an impending QE by Draghi (EUR below 1.20 as of now) is casting some negative effect in global EQ market at this moment.
Traditionally Gold is strong in Jan and also because of Asian demand (Specially China), gold may touch 1300$ this month.
Trading Levels: NSE-NIFTY FUT-JAN
| Gap Up/Dw | (Indicative) | |||||
| SGX NIFTY | 8440 | -28 | ||||
| NF-JAN | LTP | 8468 | ||||
| SL (+/-) 10 POINTS | FROM SLR | |||||
| Intraday Swing | Trader | |||||
| T1 | T2 | T3 | SLR | |||
| Strong > | 8475 | 8502-8555* | 8581-8600 | 8620-8665 | <8455 | |
| Weak < | 8455 | 8428-8394* | 8363-8341 | 8316-8280 | >8475 | |
| FOR | Conservative | Positional | Trader | |||
| T1 | T2 | T3 | SLR | |||
| Strong > | 8475 | 8555* | 8600 | 8665-8721 | <8455 | |
| Weak < | 8455 | 8394* | 8341 | 8280-8209 | >8475 | |
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