Nifty had a break on the rise with a first negative close at 5227.75. Spot nifty has supports at 5192 and 5141 on the downside. The resistance on the upside looks to be 5257 and 5280 with 5220 as pivot. Spot nifty should take out 5300 soon to maintain this momentum. Stochastics has reached the 80 levels with MFI and RSI flattening showing a pause on price action. Intraday Traders can look at the levels on spot nifty given below to trade on Friday.
No trade between 5210 and 5246(To avoid whipsaw)
Buy above 5246 sl of 5226
targets 5264-5282(add positions breakout on the upside)-
5300-5318-5336-5354-5372.
Sell below 5210 sl of 5230
targets 5192-5174(add positions breakout on the downside)
5156-5138-5120-5102-5084.
Happy Trading !!!
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