Nifty futures had open at 5979.95 which was the high for the day and it progressed down for the day and closed the day at 5930.10 nearly 50 points down from the high. This shows some profit booking after the fantastic run on it. The Conservative for this bull run was 5922-5950 which was achieved and anything above this is bonus points. Traders who need to score bonus points on the index should do with regular profit booking and with strict stop loss. This is my personal view so please use your own discretion. On future charts we are playing with the top of internal channel closing above it and below it. Currently we are below it. The divergence on both the indicators played out with nearly 100 point correction. Still there is some divergence at Friday's close. Lets see how it works on next week. One needs to watch Friday's low below which the divergence will play out effectively. Stop loss for this run was 5928 which was breached intraday and we again closed above it. So below 5928 we may see more correction for the trend players. Intraday traders can look at the levels on spot nifty given below to trade on Monday.
No trade between 5888 and 5927(To avoid whipsaws)
Buy above 5927 sl of 5907
targets 5946-5965(add positions, breakout on the upside),
5984-6003-6022-6041-6060.
Sell below 5888 sl of 5908
targets 5869-5850(add positions,breakout on the downside)
5831-5812-5793-5774-5755.
Happy Trading !!!
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