Technically, NF-I (LTP: 8339 & SGX NF-8350) has immediate positional support near 8328-8280 zone & sustain below that 8214-8150 zone may be the last point, after which there will be serious question mark about our "Bull Market". Consecutive closing below 8150, NF may crash to 8000-7350-7150 zone (very low probability as of now).
On the upside, sustain above 8328, NF may target 8412-8456-8535 zone immediately. Consecutive closing above 8535 area, we may again see 8875 zone & sustain above that, there may be no major resistance till 9012 & 9191 zone.
Protection of 8280 zone, may lead to a new EW cycle & end of corrective A-B-C phase and NF may scale 9200-9500-9700 zone in the new cycle.
On Friday, NF bounced back quite strongly from 8280 zone in the last half an hour on the back of news that actual MAT (FII) figures so far is quite low around 603 cr against 40000 cr rumored. There is also news that Indian PF fund may start investing in our stock market in a small way through PSU ETF(s) initially. There is also some talk of a out of policy rate cut action by RBI in May. In the earnings front, major results & guidance so far are inline or not much below market expectations.
Along with the above, possible passage of GST & LAND Bills in the RS may be the immediate drivers of our market and NF may scale 9200-9700 in the next few months.
Trading Levels: Nifty Fut (NSE-APR)
| Gap Up/Dw | (Indicative) | |||||
| SGX NIFTY | 8350 | 11 | ||||
| NF-APR | LTP | 8339 | ||||
| SL (+/-) 10 POINTS | FROM SLR | |||||
| Intraday Swing | Trader | |||||
| T1 | T2 | T3 | SLR | |||
| Strong > | 8280 | 8328-8355 | 8376-8412* | 8430-8456 | <8260 | |
| Weak < | 8260 | 8238-8214 | 8169-8150* | 8108-8000 | >8280 | |
| FOR | Conservative | Positional | Trader | |||
| T1 | T2 | T3 | SLR | |||
| Strong > | 8280 | 8376 | 8456* | 8535 | <8260 | |
| Weak < | 8260 | 8214 | 8150* | 8000 | >8280 | |
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