Review of Nifty Fut cmp 16490

By a Staff Reporter: Review of Nifty Fut cmp 16490

Today after initial positive gap up jerk move as per expectation Nifty Fut Opened & fixed day’s High at around 16566~. NF not only failed to reach our tentative hurdle 16588 but also failed to hold all expecting supports 1> 16516/495 & then 2> 16466/ 16433 & even broke 16400, printed low at 16392 & bounced from that level erasing all morning gap down losses & high made at 16533~ i.e. 78.60% pull back retracement hurdle & reverse rally stopped there & corrected upto 16482. Cmp 16490. After Initial Volatility &then after V shaped recovery lying in a range bound move.

This consolidation phase may continue as long as nifty fut holds 16560/70 to 16360/70 range. Direction Changes possible only beyond that range either side.

Source : Eureka

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