On 1April, Nifty fut is having support at 5255 level, once this level is breached and sustained then we can see lower levels of 5220-5208-5184. As we have mentioned in our weekly market view 5345 level is a major hurdle for the bulls and will act as trend reversal level, and exactly the same is happening in markets, Nifty fut reverted back from around 5345 and made low 5245 today. Any rise till this level of 5345 will be an exit opportunity for long positions, as the new uprise movement will start only after the crossover of 5345 level with good volumes. In intraday today, Nifty fut will face resistance at 5290, if this level is crossed & sustained then bulls can stretch their gains till 5302-5315-5345. Looking at the current scenario, Nifty fut is struggling at higher levels with intermediate resistance at 5290, so traders must stay cautious.
We recommend all traders to watch the range 5220-5315, 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 earlier also, dont leverage long positions at higher levels until Nifty fut crosses 5345 level. Failing to cross 5345 once again, will make markets weak and we can see steep downside movement of 70-100pts in markets in short time. If so happens then one must stay alert around 5184 level on downside, as this level once again will be trend deciding level.
Nifty Levels
Resistance - 5290-5302-5315-5345
Support - 5255-5220-5204-5184
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