Technical Outlook Of Nifty Fut(NSE-FEB):1-5 days

Nifty Fut (NF) may open substantially lower following weak China data.

For NF, below 8820, immediate positional support zone will be 8780 area followed by 8635 and 8515 zone (on the downside, if RBI disappoints tomorrow).

On the upside, 8880-8915 zone may offer some resistance (intraday) and sustain above 8950, we could again see 9030 area (if RBI cuts rate @0.25).

Globally, S&P-500 is trading near 1990 area. Strong support area for it will be 1983-1968 zone as of now. It appears that increasingly strong USD is casting a negative effect on the results of the key US corporates (which may force FED to rethink its tightening policy going forward; also US inflation is not picking up).

Trading Levels: Nifty Fut(NSE-FEB)

		Gap Up/Dw	(Indicative)
SGX NIFTY	8820	-67
				NF-FEB	LTP	8887
	SL (+/-) 10 POINTS	FROM SLR
	Intraday Swing	Trader
			T1	T2	T3	SLR
Strong >	8780		8821-8855	8880-8915*	8940-8970	<8760
Weak <	8760		8726-8694	8669-8635*	8597-8558	>8780
FOR	Conservative	Positional	Trader
			T1	T2	T3	SLR
Strong >	8780		8855	8915*	8970-9030	<8760
Weak <	8760		8694	8635*	8558-8515	>8780