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Nifty spot looked quite subdued for the week with high of 5333.65 and low of 5263.35 a range of 70 points. On charts spot nifty looks to be well supported by the centre line of the channel. For further momentum it should be above that centre line else it may find support along the bottom of the channel. MFI has gone sideways which shows the lack of buying. The range for spot nifty looks in between 5211 to 5396 anything above or below it can be considered a breakout on either side. Intraday traders can look at the levels on spot nifty to trade on Monday.
No trade between 5299 and 5335(To avoid whipsaw)
Buy above 5335 sl of 5315
targets 5353-5371(add positions breakout on the upside)
5389-5407-5425-5443-5461.
Sell below 5299 sl of 5319
targets 5281-5263(add positions breakout on the downside)
5245-5217-5209-5191-5173.
Happy Trading !!!
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