Nifty opened with a gap on the upside and after a sideways move started the recovery of earlier day's losses. Spot nifty made a high of 5146.20 a new swing high and closed the week at 5139.05 a high weekly close of the swing. Its been a good recovery for the Nifty from the swing lows of 4770.35. Level to watch on intraday basis for spot nifty will be 5112. Trend looks positive above 5040 on spot.Breaking of 5040 may take it to 4960 which will be the trend deciding level. Spot Nifty faces cluster of resistances in the band of 5160 to 5220 and clearing this band will strengthen the trend.In all enjoy the ride till it continues. Intraday traders can look at the levels on spot nifty to trade on Monday.
No trade between 5121 and 5157(To avoid whipsaw)
Buy above 5157 sl of 5137
targets 5185-5211(add positions breakout on the upside)
5229-5247-5265-5283-5301.
Sell below 5121 sl of 5141
targets 5103-5085(add positions breakout on the downside)
5067-5049-5031-5013-4995.
Happy Trading !!!
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