On 29January, Nifty fut is having support at 4820 level, once this level is breached and sustained then we can see lower levels of 4802-4770-4730. As we have mentioned in our earlier market view 4935 level is a major hurdle for the bulls, and exactly the same happened yesterday. Any rise till this level will be an exit opportunity for long positions, as the new uprise movement will start only after the crossover of 4935 level with good volumes. If Nifty fut is able to do so then we can expect higher levels of 4972-4998-5015. Looking at the current scenario, Nifty fut is struggling at higher levels with intermediate resistances at 4884-4910, so traders must stay cautious.
We recommend all traders to watch the range 4820-4935, as this range is crucial for further market movement and breakout on either side with high volumes will show sharp movement. As told by us yesterday also, dont leverage long positions at higher levels until Nifty fut crosses & gives consecutive close above 4935 level. Failing to cross 4935 once again, will make markets weak and we can see steep downside movement of 80-150 pts in markets in short time. If so happens then one must stay alert around 4730 level on downside.
Nifty Levels
Resistance - 4884-4910-4935-4972-4998
Support - 4832-4820-4802-4770-4730
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Intraday Calls
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