Nifty could not make a new high today after opening with a gap at 5348.50 and made a lower high at 5368.20. It then drifted down slowly to make a low at 5312.10 and closed shops at 5322.95. Nifty needs a close above 5350 level to show strength further and also should not close below 5300. Today it touched the first support level of 5313 and next support is at 5272 below 5300. On charts Nifty future is showing some exhaustion or pause after this rally yet in positive zone. Stochastics is still in overbought zone and has not signalled any reversal. Intraday traders can look at the levels on spot nifty to trade on Friday.
No trade between 5305 and 5341(To avoid whipsaw)
Buy above 5341 sl of 5321
targets 5360-5379(add positions breakout on the upside)-
5398-5417-5436-5455-5474.
Sell below 5305 sl of 5325
targets 5286-5268(add positions breakout on the downside)
5250-5232-5214-5196-5178.
Happy Trading !!!
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