Nifty made a good comeback from the lows of 5040 and closed the day at 5099.90. Spot nifty has a resistance at 5133 and above it can be positive. On charts spot nifty bounced of the Ichimoku Cloud supports and is currently perched above it. Holding the 5040 will be the key for the pullback. In between 5040 and 5133 can see consolidation. Both indicators ie Stochastics and MFI seems to be interestingly poised. Both should increase their values from the lows to have a positive impact on spot nifty. On weekly basis nifty is weak below the 5184 level sustaining below it 5040 already hit by it and then could possibly hit 4900 levels. Intraday traders can look at the levels on spot nifty to trade on Monday.
No trade between 5082 and 5118(To avoid whipsaw)
Buy above 5118 sl of 5098
targets 5136-5154(add positions breakout on the upside)-
5172 -5190-5208-5226-5244.
Sell below 5082 sl of 5102
targets 5064-5046(add positions breakout on the downside)
5028-5010-4992-4974-4958.
Happy Trading !!!
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