Nifty opened with a gap up today at 5426.15 and made a new high of 5448.60 and then gave the gains to make a low at 5393.85 to close the day at 5412.35. First it has made a new high for this swing which is important. This is the third close above the 5400 level in a row which is also important. Yet the momentum is lacking on the upside which is creating some doubts in the mind of trend players. On charts still everything looks fine only the short term averages in the cluster are near each other which should be watched. On Stochastics also the green red lines are close to each other. Now we need confirmation from the price action which way it wants to go. So trend players needs to watch the level of 5388 carefully at the end of the day. Intraday traders can look at the levels on spot nifty given below to trade on Friday.
No trade between 5398 and 5434(To avoid whipsaws)
Buy above 5434 sl of 5413
targets 5454-5474(add positions, breakout on the upside),
5494-5514-5534-5554-5574.
Sell below 5398 sl of 5418
targets 5378-5358(add positions,breakout on the downside)
5339-5320-5302-5284-5266.
Happy Trading !!!
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