Nifty on Friday opened at 5044.25 after moving sideways made a low of 4994.80 and then saw good recovery from those levels to end the week on positive note at 5068.35 with a high of 5084.45. Nifty has been moving up in the channel shown in chart which looks currently positive. Nifty is nearing the resistance of as shown in chart. Above the resistance it can hit the dotted line on chart. MFI is positive and in a rising channel which augers well for this up move. Intraday traders can look the levels on spot nifty given below to trade on Monday.
No trade between 5051 and 5086(To avoid whipsaw)
Buy above 5086 sl of 5066
targets 5104-5122(add positions breakout on the upside)
5140-5158-5176-5194-5212.
Sell below 5051 sl of 5071
targets 5033-5015(add positions breakout on the downside)
4997-4979-4961-4943-4925.
Happy Trading !
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