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Today was a pause day after two days of good run up . NF is stabilizing here what i can infer from today's action. If you closely watch today's action every dip of 20-30 points was bought into.Once NF managed above 5944 it consolidated most of the day in the same range with some whipsaws. The momentum is clearly in favour of bulls. Also SBI and Reliance were the lead today.Look at the charts a bullish hammer with buying at the support levels.Seems we may move to 5987 -6040 NF take a pause till 5880 and then again go for an up move till 6140.
For Tomorrow 5972 NF would act as resistance and above it 6027-6040 NF where a pause can happen. Support exist at 5940 below which we may visit 5888 NF. Look for buying in sharpdips.
Hello Sir..thx for the update to guide us. You have highlighted a big red candle with a volume spike. I can see that the green candle(-buying) just before it was not supported by volume whereas the fall was. how do we interpret it. Just that the support came in and buying emerged so it is now a strong support around 5940?
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ReplyDeletesorry for late reply 5940 was the immediate support and strong support is 5880 - 5840. The reason NF stayed in a very narrow range at 5940 so it is the immediate support
Thanks sir.
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