NF need to trade above 7560 for any recovery,
Otherwise it may dip towards 7000, if sustained below 7450-7330
China & Oil may be the two biggest concerns in 2016---
Trading Levels:
SGX NF: 7505 (CMP)
NSE NF: 7608 (LTP)
| SL (+/-) 10 POINTS | FROM SLR | |||||||||
| For | Intraday Swing | Trader | ||||||||
| T1 | T2 | T3 | T4 | T5 | SLR | |||||
| Strong > | 7560 | 7590-620 | 7650-705 | 7730-780* | 7820-885 | 7905-995 | <7540 | |||
| Weak < | 7540 | 7495-450 | 7415-380 | 7330-240* | 7135-092 | 7040-000 | >7560 | |||
| FOR | Conservative | Positional | Trader | |||||||
| T1 | T2 | T3 | T4 | T5 | SLR | |||||
| Strong > | 7560 | 7620 | 7705 | 7780* | 7885 | 7995-8055 | <7540 | |||
| Weak < | 7540 | 7450 | 7330 | 7240* | 7135 | 7000-6900 | >7560 | |||
Technically, NF may be in the corrective C wave in daily EW setup and the extended target of the same may be around 7450. Further price action suggests that, consecutive closing below 7450-7330 zone, it may head towards 7000-6900*-6300 in the near to mid term.
The above bear case scenario will be changed, if NF is able to close consecutively above 7540-60 zone and in that case, 8000-8200 may be the near term target again, depending upon the global market, Q3 earning season and Govt's initiatives for various reforms including GST.
Analytical Charts:
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