Nifty futures opened with a gap down due to global cues and closed at 5767.00. The close is above the monthly pivot so the trend is positive at day end. The nifty futures chart show various perspectives. The main trend shown by the voilet channel is up. The intermediate channel shown the yellow colour is up. The short term trend shown by the aqua channel is up as the price action moved into the channel at close. Longs could be hold with monthly pivot as stop loss or the yellow channel bottom as stop loss for the ones with deep pockets. The top three indicators are in positive zones but could turn negative if the price action continues to fall again. RSI is at critical juncture and if it sustains above the 60 level the move will gain strength further. The channel on RSI is rising and yet to be broken. The 50% retracement level of the rise is at 5716.00 which could be used as another support. Incidently the close of nifty futures is at 75% level of the rise and sustaining above it will be positive for it. So Nifty futures are interestingly poised for weekly close after a good breakout on Tuesday. Intraday traders can use the levels on spot nifty given below to trade on Friday.
No trade between 5720 and 5758(To avoid whipsaws)
Buy above 5758 sl of 5738
targets 5777-5796(add positions, breakout on the upside),
5815-5834-5853-5872-5891.
Sell below 5720 sl of 5740
targets 5701-5682(add positions,breakout on the downside)
5663-5644-5625-5606-5587.
Happy Trading !!!
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