Nifty touched the level of 5040 today made it a weak expiry.Nifty has retraced from a high of 5348.55 and closed the series at 5043 its was correction of 300 points. Current supports look to be around 5040 -5000 levels. 5000 is an psychological on spot nifty breaching it will accelerate the momentum if sustained below it. On the upside the level of 5133 will be a strong resistance and sustaining above it will mark the recovery stage for nifty. On charts nifty is seen around the cloud support which is very thin and nifty has penetrated it. On Stochastics its below 20 levels but its still looks dicey and will need further confirmation from spot price. On charts is marked the earlier breach of clouds and corresponding stochastics levels with CAUTION. Intraday traders can look at the levels on spot nifty given below to trade on Friday.
No trade between 5025 and 5061(To avoid whipsaw)
Buy above 5061 sl of 5041
targets 5079-5097(add positions breakout on the upside)-
5115 -5133-5151-5169-5187.
Sell below 5025 sl of 5045
targets 5007-4989(add positions breakout on the downside)
4971-4953-4935-4917-4899.
Happy Trading !!!
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.