Nifty has now made a higher low and higher high today at 4850.20 and 4922.25 which means we have a change in trend on the short term.This will continue till the low of 4837.05 is held by nifty.Nifty opened with a gap up and gave away the gains late in the day to close at 4870.20. The close is positive for nifty but by smaller margin.So we need convincing close above 4955 to make it positive further.Above chart shows fibo projection levels which need to be watched for further moves. MFI index shows movement towards upside now we need price confirmation for the same. We need a strong weekly close to confirm the change in trend. Intraday traders can look at the levels of spot nifty given below to trade on Friday.
No trade between 4853 and 4888(To avoid whipsaw)
Buy above 4888 sl of 4868
targets 4906-4924(add positions breakout on the upside)
4942-4960-4978-4996-5014
Sell below 4853 sl of 4873
targets 4835-4817(add positions breakout on the downside)
4799-4771-4753-4735-4717.
Happy Trading !
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ReplyDeleteNifty has not" made a higher low and higher high today at 4850.20 and 4922.25 which means we have a change in trend on the short term.
ReplyDeleteIn the above sentence the word "not" be read as "now" ...
Typo error is regretted
Regards
K B Raut