Nifty futures were today resisted at the 78.60% fibo extension as shown in chart and the high made was 5818.80. The high made on October 5 is 5873.65 and low made in this series on October 31 is 5613.20. So we have seen a rise of 205 points in this series in 9 trading days.On charts we see nifty moving the rising channel and today also it took support at the channel bottom which was a good buy for the day. As long as nifty is moving in this rising channel one can hold longs. As per our resistance on the upside we had level of 5821 and which was nearly achieved and nifty future closed below it. Further strength can be seen on crossing of 5821 with targets at 5898 our second resistance. The supports of nifty future are at 5784 and 5747. Intraday traders can look at the levels on spot nifty to trade on Thursday.
No trade between 5741 and 5779(To avoid whipsaws)
Buy above 5779 sl of 5759
targets 5798-5817(add positions, breakout on the upside),
5836-5855-5874-5893-5912.
Sell below 5741 sl of 5761
targets 5722-5703(add positions,breakout on the downside)
5684-5665-5646-5627-5608.
Happy Trading !!!
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