On 5February, Nifty fut is having support at 4724 level, once this level is breached and sustained then we can see lower levels of 4705-4690-4665. Any close below 4665 level, will bring panic selling markets and we can see more downside of 70-100 pts. As we have mentioned in our earlier market view 4935-4980 level was a major hurdle for the bulls, and exactly the same happened this week, Nifty fut rising up but was unable to give close above 4935 level and as a result now crashed down we also warned and told all of you that any rise till these resistance level was an exit opportunity for long positions, as the new uprise movement will start only after the crossover of 4945 level with good volumes. Those who followe us, are now sitting on moountains of profits. Today on lower side if support level of 4724 is not breaked and sustained, then expect a mild pullback. Moving on higherside Nifty fut will face resistance at 4755 level, crossover of this level will show higher levels of 4770-4786-4802. Traders must avoid shorting at lower levels.
We recommend all traders to watch the range 4724-4770, 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 4805 level.
Nifty Levels
- Resistance - 4755-4770-4786-4802
- Support -4724-4705-4690-4665
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Intraday Calls
- Federal Mogul around 149 tgt-151-155-159+
- STC around 492 tgt-498-505-512-520+
- SPIC around 16 tgt-16.5-16.8-17.2
- Moldtek Plastics around 44 tgt-45.5-46.2-47
- Also watch Ahmednagar forgings, Jindal Cotex, Concor, Tonira Pharma.
For all trades, keep trailing your stoploss once the stock is above the buying price. Dont take delivery of any intraday call. Avoid spike buying.
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