Nifty opened with a big bang at 5528.35 and made a high of 5586.65 after making a low of 5526.95 and closed the week at 5577.65. This close is very near to 5629.95 made on February 22nd 2012 . The Indian reforms announced may the markets more positive and will also be sector specific. So we may get another gap up on Monday due it and will this gap clear the resistance of 5630 is to be seen.We are currently in the top band of the resistance zone at 5630. Crossing this level will put nifty in to new territory or orbit. The important levels and supports are shown on the chart of nifty futures. Fibo fans show nifty at another critical level clearing it will make it more positive. So one should make hay while the sun shines. Positional traders long should hold their longs with 5550.50 as stop loss and can enter again on a breakout above 5625 if it comes. Intraday traders can look at the levels on spot nifty given below to trade on Monday.
No trade between 5559 and 5596(To avoid whipsaws)
Buy above 5596 sl of 5576
targets 5615-5634(add positions, breakout on the upside),
5652-5670-5690-5709-5728.
Sell below 5559 sl of 5579
targets 5540-5522(add positions,breakout on the downside)
5503-5485-5466-5448-5429.
Happy Trading !!!
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