Nifty opened today with a small gap and made a new high at 5390.65. It could not sustain it and immediately slipped into the red zone and remained there for the end to close at 5362.95. So the hurdle of 5402 remains on the spot nifty after attaining the target of 5380. As per our signal we are out of the market as our stop loss of 5366 was hit today. We may try to enter the markets again on a breakout above 5402 with stop loss of 5380 for further gains. Spot nifty has supports at 5329 which is required for this uptrend to continue. The zone between 5329 and 5402 is a no trade zone for trend players. Spot nifty staying between this zone will affect the options premiums seriously. Intraday traders can look at the levels on spot nifty given below to trade on Friday.
No trade between 5345 and 5381(To avoid whipsaws)
Buy above 5381 sl of 5361
targets 5400-5419(add positions, breakout on the upside),
5438-5457-5476-5495-5515.
Sell below 5345 sl of 5365
targets 5326-5307(add positions,breakout on the downside)
5285-5267-5249-5231-5213.
Happy Trading !!!
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