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NIFTY SHOW

Today nifty future moved as per the saying" BUY ON RUMOR SELL ON NEWS ".The NF rallied to 5428, which was 23.60% retracement level,where it encountered resistance followed by deep selling.Nifty Future could not sustain 5300 and crossed 5256,the 38.20% retracement support on daily chart.The NF has closed below an important support level,this has triggered more weakness in market.The NF should take a support of 5120 which is 50% retracement level and bounce bank to keep the previous rally intact.Violation and close below these levels will give an indication that bears have taken control and take the market to lower levels

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