Nifty futures lost some 40 odd points on Muhurat session to close at 5673.10. The momentum has been lost in few days after the break of 5800 and it has now closed below 5700. Above chart shows how its trying to close in the positive territory of the MA band. Below our monthly pivot of 5747 we have support of 5673 and we are very near to it. The support below this level is at 5636-5599 on the future. Resistance is at 5710 and 5747. The gap which was support is being slowly closed with range expansion on downside. The momentum move will come only above 5747 so one needs to keep watch on downside on breach of 5673. The Guppy bunch of averages show strength with the short above the long ones. One can observe how it took support in earlier two falls. Intraday traders can watch the levels on spot nifty given below to trade on Thursday.
No trade between 5648 and 5686(To avoid whipsaws)
Buy above 5686 sl of 5666
targets 5705-5724(add positions, breakout on the upside),
5743-5762-5781-5800-5819.
Sell below 5648 sl of 5668
targets 5629-5610(add positions,breakout on the downside)
5591-5572-5553-5534-5515.
Happy Trading !!!
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.