From last 1-2 trading sessions we have seen nifty trading in range and finding support at 4880. We can expect a downside movement only if nifty trades below 4880 otherwise bulls will be having an upper hand. On 18February, Nifty future will face resistance at 4910 level,managing to sustain above this level we will see it incing higher to the levels of 4930-4948-4972. Nifty fut giving a closing above 4930 today can lead to some more buying interest coming in the markets. If Nifty fut is able to cross 4948 level, then we can see some fireworks. However if Nifty is unable to cross the resistance level, than on lower side it has support at 4880 level, breaching below these support level Nifty fut can slide down to 4865-4840-4810 levels. Any close below 4848 level, can make bears happy again.
We recommend all traders to keep a watch on 4930 level on upside and 4840 level on downside for all their short/long positions. Till Nifty is trading above 4840 it will keep bouncing back from lows, so one must be cautious at lower levels around this support for fresh trades initiation. One must not jump and do the trades in excitement in current markets, as aggressive trading in current market can lead to unexpected profit/loss. Watchout the markets cautiously and trade with strict discipline. Nifty range for the day will be 4840-4930, breakout on eitherside will lead to the direction for further movement.
We recommend all traders to keep a watch on 4930 level on upside and 4840 level on downside for all their short/long positions. Till Nifty is trading above 4840 it will keep bouncing back from lows, so one must be cautious at lower levels around this support for fresh trades initiation. One must not jump and do the trades in excitement in current markets, as aggressive trading in current market can lead to unexpected profit/loss. Watchout the markets cautiously and trade with strict discipline. Nifty range for the day will be 4840-4930, breakout on eitherside will lead to the direction for further movement.
Nifty Levels
Resistance - 4910-4930-4948-4972
Support - 4880-4865-4840-4810
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