The two charts for nifty futures show the picture for short term(top) and long term(bottom). On the short term chart level of 5625 is important and was strongly defended till Friday. Breach of this level could take us to next of support at 5469 with intermediate supports at 5587-5547-5507. The Demark indicator shows the trend is down clearly with yellow arrows showing two intermediate peaks. Also the trend indicator(red on chart) has turned down. The long term chart shows the rising channels(green in colour) and falling channel(red in colour). The breach of the green channel bottom will clearly put this trend in doubt. In all looks like active three days to expiry on this truncated trading week. Intraday traders can look at the levels on spot nifty given below to trade on Monday.
No trade between 5665 and 5703(To avoid whipsaws)
Buy above 5703 sl of 5683
targets 5722-5741(add positions, breakout on the upside),
5750-5769-5788-5807-5826.
Sell below 5665 sl of 5685
targets 5646-5627(add positions,breakout on the downside)
5608-5589-5570-5551-5532.
Happy Trading !!!
thanking you
ReplyDeleteFor your tips
its worth
it works
keep it up
Thanks once again
Balu, Erode, Tamil nadu