Nifty recovered the opening loses on Friday after making a low of 5164.65 and managed to close the week at 5215.70. In the past week spot nifty has maintained the closing level around the 5200 mark. So a weekly closing above this 5200 level on spot nifty is significant. Now weekly low of 5129.75 and high of 5246.35 become important. In between this range spot nifty may try to consolidate. Breakout will happen as when spot nifty moves out of this range. Bigger range happens to be between 5032 and 5348.55. Till we are within this bigger range it will only erode the option premiums. Intraday traders can look at the levels on spot nifty to trade on Monday.
No trade between 5198 and 5234(To avoid whipsaw)
Buy above 5234 sl of 5214
targets 5252-5270(add positions breakout on the upside)-
5288-5306-5324-5342-5360.
Sell below 5198 sl of 5218
targets 5180-5162(add positions breakout on the downside)
5144-5126-5108-5090-5062.
Happy Trading !!!
Sir
ReplyDeleteAs per time analysis is the correction of 4770-5348 over?
Hi,
ReplyDeleteThe rise took 26 days as you know it so the correction mat take the same period of 26 days that's my two bit on it...
Regards
K B Raut
thanks for the reply sir
DeleteSir
DeleteOne humble request Please remove this word verification test from comments
Very difficult to type while using a cellphone
Thanks in advance