Spot Nifty opened on Friday with a gap at 5577 and moved one way to make a high at 5720 and close the week at 5691.15. A huge breakout above the weekly close of 5577.65 which was a crucial level to watch. Also the level of 5650 which was the breakout above earlier high. Positional longs are now from 5630 and to be held with buying price as stop loss. On Nifty futures the level of 5625 was critical level which was taken out by the strong move on Friday to make a high of 5735.55 and closed at 5710. On charts of nifty futures the resistance is at 5744-5783 with 5704 as pivot and supports at 5665-5625. Intraday traders can watch the levels given below on spot nifty to trade on Monday.
No trade between 5672 and 5710(To avoid whipsaws)
Buy above 5710 sl of 5690
targets 5729-5748(add positions, breakout on the upside),
5767-5786-5805-5824-5843.
Sell below 5672 sl of 5692
targets 5653-5635(add positions,breakout on the downside)
5616-5597-5578-5560-5541.
Happy Trading !!!
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