SGX NF: 7948(CMP)
NSE NF: 7952 (LTP)
As par SGX, NSE NF may open around 7950. Today overall market is expected to be in a narrow range as almost all the global markets are closed amid New Year Holiday !!
Technically, NF need to sustain above 7965-7985 & 8015 for 8055-8190 in the near term; otherwise it may feel selling pressure next week (when market participation will return to normal) and sustain below 7930-7900 area, target may be 7860-7800 & 7775-7694 zone.
Overall, technically, sustain above 8015-8055, NF target may be 8200-8550 & 9200-9850 in CY/FY-2017 (Bullish case).
In the alternative scenario, inability to sustain above 8015, NF may fall again to 7540 area and consecutive closing below that it may further fall towards 7000-6300*-5900 zone in CY/FY-2017 (Bear Case).
In NF, we have death cross between 55/100 EMA for the last year and we need a golden cross for 2016 to have a bullish year.
Analytical Charts:
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