Nifty on Friday made a new high at 5399.95 but could not cross the resistance of 5402 on the spot. The spot nifty has to cross this level to be positive. As mentioned earlier the zone between 5329 and 5402 is a consolidation zone for the spot nifty. Break of 5329 will make it susceptible to 5257 levels. Spot nifty still looks strong with a weekly close at 5366.30 against a last week close of 5320.40. The net rise may be small indicating pause or lack of momentum on the upside. On Nifty Futures charts its still near the upper band of Bollinger Band at 5467 and the middle band at 5256. The Murray Maths levels show the range at 5313 and 5469. On Stochastics no reversal signal yet so its a hold. The T3 indicator a cluster of averages show the levels of 5388,5369,5240,5143 and 5081. The cluster used is 13EMA to 233EMA and can be used as pivot ,resistances and supports. This cluster is also showing the lower term averages above the longer term. So no reversal of trend on this indicator also. Thus patience is required for the trend players to enter again on break above 5402 on the spot nifty. Intraday traders can look at the levels on spot nifty to trade on Tuesday. Monday being a Holiday levels are given for Tuesday.
No trade between 5348 and 5385(To avoid whipsaws)
Buy above 5385 sl of 5365
targets 5409-5423(add positions, breakout on the upside),
5442-5461-5480-5499-5519.
Sell below 5348 sl of 5368
targets 5329-5310(add positions,breakout on the downside)
5288-5270-5252-5234-5216.
Happy Trading !!!
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.