Nifty yesterday looked weak for the whole day and today it showed the weakness by opening with gap down at 5105.10. It filled the gap and reached a high of 5130 showing a few minutes of green and that was all the green seen for rest of the day. Nifty slipped down in red to make a low of 5047.60 and closed the day at 5054.75. As seen on chart the level of 5080 was important support for the rise and it was breached today. Below 5080 the next important level is at 4951 which will become reality on breach of 5000 mark. Sustaining above 5080 will auger well for the trend and below it 5020 is an important support. In all an interesting Friday for nifty and yet an important weekly close for nifty after a rise of 400 odd points. Intraday traders can look at the levels given below on spot nifty for Friday.
No trade between 5037 and 5073(To avoid whipsaw)
Buy above 5073 sl of 5053
targets 5091-5111(add positions breakout on the upside)
5129-5147-5165-5183-5201.
Sell below 5037 sl of 5057
targets 5019-5001(add positions breakout on the downside)
4983-4965-4947-4929-4911.
Happy Trading !
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