Nifty futures had another positive day and held the channel. On the way it also crossed the first hurdle of 5636 and closed above it at 5639.50. But the rise was not easy as it struggled twice near the earlier close. The momentum move is yet to be seen. Now it has to close the gap above it. The next hurdle is at 5673 as nifty futures reach the high at 5657.65 intraday before giving up some gains. The trend stop loss could be raised to 5625 now and sustaining above the 5636 level is important. The weekly close will be important and close above the 5650 level will be a strong signal. But closing below 5636 will be not helping the trend. The resistance is at 5673 and 5710 and supports are at 5636 and 5599. Intraday traders can look at levels on spot nifty to trade on Friday.
No trade between 5609 and 5647(To avoid whipsaws)
Buy above 5647 sl of 5627
targets 5666-5685(add positions, breakout on the upside),
5704-5723-5742-5761-5780.
Sell below 5609 sl of 5629
targets 5591-5572(add positions,breakout on the downside)
5553-5534-5515-5496-5477.
Happy Trading !!!
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