NIFTY FUTURE LEVELS FOR MONDAY'S TRADING
Spot 4360 / FUT 4363 is the PIVOTAL level for today. Bears will have an upperhand below this level.
SUPPORTS :
4345 - Provided good support for most of the session.
4326 - LOD of Friday... also 3-day low, which short term bulls need to hold on for some hope. S1 for today is 4329.
4303 & 4296 - Unless some big negative news (NSG, etc)breaks out, this is the level where some bounce can be expected. 4292 is S2. Also, a psychological round figure support.
4285 - The last & final KEY SUPPORT for short term bulls. The rally from 4200 with an apparent HH HL pattern has this level as the stop. Also, a good support as seen in 60 min charts around 87/84.
An intraday swing trade on the long side can be initiated around 4290/4300 level with 4280 as the stop.
Below this level, bear attack will intensify as, chartically, next big support is only at 4200 with a possible support at 4240.
RESISTANCES :
4396 - Above the pivotal level, this HOD of Friday needs to be taken out convincingly by short term bulls.
BUT, AS PER THE 60 MIN CHART ATTACHED, A DOWNWARD SLOPING mini TRENDLINE RESISTANCE CAN BE SEEN FROM HOD OF TUESDAY'S RALLY. So, an intraday swing trade on the short side can be initiated around this 4395-4405 band with a stop of 4420 (20DMA). Also, R1 for today at 4400 4420 is also the neck of the H&S pattern of Thursday's trade, and touching this level can fill the gap down of Friday's trade.
4435 - R2 for the day
Above R2, upward momentum should pick up and target 4455, 4468 & 4482. FUT 4482 is also the key resistance level in 60 min chart.
The apparent downtrend from Tuesday's peak in LH LL pattern has its stop at Thursday's HOD FUT 4494 / SPOT 4480. So, besides the mini TL break, I would also be looking at the breaking of these levels to confirm the negation of this downtrend.
So, this band of SPOT 4280-4480 is set for near term, with a breakout on either side needed to confirm direction. COINCIDENATLLY, AS PER CALCULATIONS, SPOT 4380 (MID OF 4280-4480) IS ALSO THE PIVOTAL LEVEL FOR THIS WEEK
But, still, the intermediate bull run, with HL at 4160, is not negated. However, 4200 becomes more important now since in EOD charts (from 22 july till date), an attempt of H&S pattern is visible with around SPOT 4200 as its neckline. 50DMA support lies around 4250.
