Nifty opened gap down and made a low of 4788.95 and then made good recovery of the day to close the day 4891.45. Now the level of 4955 is important level to cross for spot nifty. Its was a good recovery from the lows below 4800 levels. Monday sustaining above 4890 levels will make nifty to try the resistances of 4944-4998-5065.Money Flow Index shows buying coming at lower levels and if the recovery is to be strong then the MFI should cross the 50% level. Intraday traders can look at the levels on spot nifty given below to trade on Monday.
No trade between 4874 and 4909(To avoid whipsaw)
Buy above 4909 sl of 4889
targets 4927-4945(add positions breakout on the upside)
4963-4981-4999-5017-5035
Sell below 4874 sl of 4894
targets 4856-4838(add positions breakout on the downside)
4820-4802-4784-4766-4748.
Happy Trading !
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