Nifty today opened with a gap up at 5249.90 to make a high of 5257.90. It made a low of 5233.70 and closed the day at 5242.70. The day movement was over with the gap up and it was sideways for the day. On charts we are above the 5208 level which is positive for spot nifty. Sustaining above 5208 we have resistance around the 5257-5329-5393 levels. MFI is trying to turn around and so is Stochastics. For tomorrow one can be positive above 5257 and below it may range between 5257 and 5208. Its again a weekly closing for spot nifty which will be important for the trend and closing above 5257 will be positive one. Intraday traders can look at the levels on spot nifty to trade on Friday.
No trade between 5225 and 5261(To avoid whipsaw)
Buy above 5265 sl of 5245
targets 5283-5301(add positions breakout on the upside)
5319-5338-5356-5374-5392.
Sell below 5225 sl of 5245
targets 5207-5189(add positions breakout on the downside)
5171-5153-5135-5117-5099.
Happy Trading !!!
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