Spot Nifty corrected during last week for about 130 points from previous close of 5386.70 to 5258.50. In all a negative week for the index. Spot nifty is poised at a pivot level of 5257 and below it may go to 5184. Above 5257 it has resistance at 5329. Spot nifty needs to close above this level of 5329 to some signs of recovery. On chart of nifty future the gann fans show the support near 5200-5225 levels. Breach of this level will make the recovery more painful. Nifty needs to consolidate here to gather strength and could be sideways for few days if it does not breach Fridays low. Trend players need to keep patience for suitable entry when time is ripe. Intraday traders can look at the levels on spot nifty given below to trade on Monday.
No trade between 5240 and 5278(To avoid whipsaws)
Buy above 5278 sl of 5258
targets 5296-5314(add positions, breakout on the upside),
5333-5352-5371-5390-5409.
Sell below 5240 sl of 5260
targets 5222-5204(add positions,breakout on the downside)
5186-5168-5150-5132-5114.
Happy Trading !!!
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.