Spot Nifty closed the week at 5703.30 highest close for the year. The trend from the low of December 2011 to this date is now 9 months old and still going strong. Above chart on nifty future shows the Fibo Fans from the top and bottom. A target of 5949 is seen at the cross-over of the fan lines. The current trend line marked on the chart if maintained will lead to the target. The monthly pivot for futures is at 5625 will act as support. So trend players should watch this level. The monthly targets are 5776(missed by 10 points on Friday) and 5929 (very near to the target of 5949 suggested by Fibo Fans). Intraday Traders can look at the levels on spot nifty given below to trade on Monday. Tuesday being a Holiday no update will be provided for nifty.
No trade between 5684 and 5722(To avoid whipsaws)
Buy above 5722 sl of 5702
targets 5741-5760(add positions, breakout on the upside),
5779-5798-5817-5836-5855.
Sell below 5684 sl of 5704
targets 5665-5646(add positions,breakout on the downside)
5628-5609-5590-5572-5553.
Happy Trading !!!
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.