NIFTY FUTURE
Many people have asked me what is the importance of volume in technical analysis.
A great example was provided yesterday by nifty future.
It was mentioned in this column that (link) nifty future resistance is between 5330 - 5375.
As nifty entered and approached the higher end of the zone, volumes started tapering away
and nifty failed to gather momentum.
So traders who do not follow volume, are really missing something.
It is not enough that you have good levels to trade, but one should know how to trade them.
JerryTechnicals is the place where we strive to achieve that and as usual, all gyan comes for free here :-).
For today's trading 5354 is the all important pivot level.
5338 - 5322 is the support level.
Trading below support level with volumes could induce correction to the extent of 5290, 5270 and 5250.
On the other hand, reversal from support level will take nifty future to 5380.
5400 will be breakout point of the day and trading above 5400 with volumes, nifty will move to 5415, 5430 and 5445.
Disclaimer : This is not a recommendation/ solicitation of any order to buy or sell, but Jerry's view on indian stock market. I assume no responsibility for any opinion or statement made in this blog. Readers are urged to exercise their own judgment in trading. Readers shall solely be responsible for profit/loss.
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