Nifty has closed the week with negative close at 4841.60 on the spot and 4817.85 on the futures with a discount.The trend is down which was given in the earlier post.The chart of nifty futures above shows the supports at 4766 below it the picture looks bleak for short term. Intraday moving above 4838 will show chances of recovery with strong resistance at 4910.Intraday traders can look at the level on spot nifty given below to trade on Monday.
No trade between 4824 and 4859(To avoid whipsaw)
Buy above 4859 sl of 4839
targets 4876-4893(add positions breakout on the upside
4910-4928-4946-4964-4982.
Sell below 4824 sl of 4844
targets 4807-4790(add positions breakout on the downside)
4773-4756-4739-4722-4705.
Happy Trading !
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