Spot nifty opened gap down 5536.95 and then tried to recover the loss by making a high of 5581.35 and closing the day at 5554.25. Spot nifty has closed below the weekly close of 5577.65 which makes it weak. On the spot nifty it has supports at 5526.95 the low of last Friday. On nifty futures charts the after breach of 5625 level the support is 5546 and the next support below it as at 5469. Current trend is sideways to negative with nifty trying to consolidate at the top range of 5650-5550. Breach of 5550 will make it further weak and broaden the range down to 5450. Bullish trend could be expected to start above the level of 5625 till then positional players should sit out. Bearish trend will start with the breach of 5476. It will be interesting to watch the weekly close of above or below the level of 5577.65 on spot nifty. Intraday traders can look at the levels of spot nifty given below to trade on Friday.
No trade between 5536 and 5573(To avoid whipsaws)
Buy above 5573 sl of 5553
targets 5591-5610(add positions, breakout on the upside),
5629-5648-5666-5685-5704.
Sell below 5536 sl of 5556
targets 5517-5498(add positions,breakout on the downside)
5480-5461-5443-5424-5406.
Happy Trading !!!
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