Spot Nifty opened today gap down and then recovered the losses and gave up the same to close at 5676.05. Roughly a weekly loss of 70 odd points on the spot index and net loss of 139 points from the high of 5815.35. On nifty futures the weekly close is at 5683 as shown in charts. Nifty reversed from the channel top, Bollinger Band level and RSI could not cross the 60 levels and dropped to the 40 levels.On futures the stop loss for this down is at 5711 and probable targets are 5638-5613 and 5577 as and when they come. The momentum on the down side may increase on breach of low at 5650. Sideways movement is expected between the zones of 5710 and 5650. Above 5711 the probable targets on nifty futures are 5738-5786-5832. Intraday traders can look for the levels below on spot nifty to trade on Monday.
No trade between 5657 and 5695(To avoid whipsaws)
Buy above 5695 sl of 5675
targets 5714-5733(add positions, breakout on the upside),
5752-5771-5790-5809-5828.
Sell below 5657 sl of 5677
targets 5638-5619(add positions,breakout on the downside)
5600-5581-5562-5543-5524.
Happy Trading !!!
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