Spot nifty opened with a gap down at 5268.60 and made a low of 5255.05 and recovered nicely for the day to make a high of 5342.80 and closed the day at 5315.05. The correction got arrested at the levels between 5280 and 5250 at 5258.70 for nifty futures and closed the day at 5315.05. Battle between the 5300CE and 5300PE was won by 5300CE but the win was negligible with the option writers enjoying at the cost of the traders with 5300PE holders losing all the money. In the end the level of 5300 was defended for the series as we started the series at 5108.75 so a gain of 200 points roughly for this series. On nifty futures charts the level of 5352 will be a big resistance at the start of the series. One can expect more correction on breach of 5260 level up to 5200-5160 levels. Sustaining above 5352 will try to take out the next resistance of 5402.50 but its far away from here. So in shorts no longs below 5352 for the nifty futures for trend traders. On charts the aqua channels will hold the key in the short term. Intraday traders can look the levels on spot nifty to trade on Friday.
No trade between 5297 and 5333(To avoid whipsaws)
Buy above 5333 sl of 5313
targets 5352-5371(add positions, breakout on the upside),
5390-5409-5429-5449-5469.
Sell below 5297 sl of 5317
targets 5279-5261(add positions,breakout on the downside)
5242-5224-5206-5188-5170.
Happy Trading !!!
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