As we have been reiterating since last many days, major hurdle for Nifty fut was 5484 and now after crossing this hurdle, bulls will be having an upper hand in market. On 19August, Nifty fut have resistance at 5510 level, once it manages to cross and sustain above this level we can see it inching up to the levels of 5524-5537-5552 levels. Bulls will try to hold the market above 5584 levels, however on higher side between 5524-5552 levels, bears can come up and attack decisively to weaken bulls in intraday, so traders must stay cautious in this range. If bears are able to drag down the market from higher levels, then on downside Nifty fut have support at 5495 level, if this level is breached and sustained then lower levels of 5480-5456-5420 levels. Traders must not leverage positions at higher level.
For a sustainable up rise in coming days, Nifty fut must close consecutively above 5484 level. Till Nifty fut is unable to do so, bears will continue to attack decisively at every rise. So in order to have an upper hand in market, bulls have to manage to sustain above 5484 at earliest. Nifty fut range for the day will be 5480-5524, breakout of this range on either side can show sharp movements. Use any up rise above 5524 as an opportunity to book longs.
For a sustainable up rise in coming days, Nifty fut must close consecutively above 5484 level. Till Nifty fut is unable to do so, bears will continue to attack decisively at every rise. So in order to have an upper hand in market, bulls have to manage to sustain above 5484 at earliest. Nifty fut range for the day will be 5480-5524, breakout of this range on either side can show sharp movements. Use any up rise above 5524 as an opportunity to book longs.
Nifty Levels
- Resistance- 5524-5537-5552-5590
- Support - 5495-5480-5456-5420
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