Friday was a big breakout on the spot nifty with a gap of 70 points at 5309.45 making a high of 5347.15 and closed the day at 5342.10. Saturday was a curtailed trading session as there is no volumes in such sessions hence no update was provided for the same. Saturday spot nifty closed the day at 5358.70 and moved within a narrow range of 23 points for the day. Spot nifty has closed the week above the level of 5350 which is significant. Now the level of 5329 should be watched as support and 5402.50 as resistance. Breaking above 5402.50 level will make the recovery more meaningful and nifty will make further increment on the upside. On nifty futures chart fibo clusters show a resistance zone from 5359 to 5462 with 5392 as the first resistance. Trend players can hold nifty after his breakout with stop of 5329 for targets of 5402.50 and 5476 on the upside. Intraday players can look at the levels on spot nifty given below to trade on Monday.
No trade between 5340 and 5377(To avoid whipsaws)
Buy above 5377 sl of 5357
targets 5396-5415(add positions, breakout on the upside),
5435-5455-5475-5495-5515.
Sell below 5340 sl of 5360
targets 5321-5302(add positions,breakout on the downside)
5290-5262-5244-5226-5208.
Happy Trading !!!
thanks for the valued information about the nifty
ReplyDeleteSkji..
ReplyDeleteThanks and do visit again..
Kind Regards
K B Raut