Nifty was back on Friday with a big bang. A huge breakout above the resistance of 5200 with a running gap a typical a bullish breakout.On charts we can see the breakout above the Ichimoku Clouds how the bullish candle is perched above it.Price action hit the Bollinger Band in single candle. In all the wait was sweet for those with patience and who could manage to enter at open. For those waiting would have been a long wait for the day which never came. In all the resistance of 5200 taken we have channel targets of 5350 where we may see some fight put up by bears. The area of 5350-54000 will be the initial resistance with 5250 as supports. Dips below 5250 if it comes may be utilised to buy with 5200 as stop loss. Intraday traders can look at the levels on spot nifty to trade on Monday.
No trade between 5297 and 5261(To avoid whipsaw)
Buy above 5297 sl of 5277
targets 5315-5333(add positions breakout on the upside)
5351-5369-5387-5405-5423.
Sell below 5261 sl of 5281
targets 5243-5225(add positions breakout on the downside)
5207-5189-5171-5153-5135.
Happy Trading !!!
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