Nifty opened with a gap today at 5035.35 and made a high of 5069.65 and low of 5007.75 and closed the day at 5049.65. The close was a positive one again after hitting 5000 levels yesterday. The low also was above 5000 levels so some consolidation at top happening. Nifty has been rising in this steep angled channel last four days. Maintaining the channel ahead will take it to the top of broader falling channel which has resistance at 5100 levels. Sustaining above the top of this broader channel is the key to keep the rise in spot nifty. Above chart shows the various smaller channels with intermediate buy and sell happening on spot nifty compared to Money Flow Index. The Money Flow Index show buying happening at lower levels which augers well for the trend. Intraday Traders can look at the levels on spot nifty given below to trade on Friday.
No trade between 5032 and 5067(To avoid whipsaw)
Buy above 5067 sl of 5047
targets 5085-5103(add positions breakout on the upside
5121-5138-5156-5173-5191.
Sell below 5032 sl of 5052
targets 5014-4996(add positions breakout on the downside)
4978-4960-4942-4924-4906.
Happy Trading !
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