Nifty futures opened with a small gap up but could not sustain and was negative for the day to close at the lower end of the range. The close was at 5878.75 after making a low at 5865.35. On charts of nifty future we see it retracing from the top of channel after being unable to stay decisively above it. Now if it sustains below todays low then it may try to hit the channel bottom which may be near to 5800-5820 as we have observed for last two days. Both the indicators are moving in a channel so no surprises yet there. Nifty futures need to stay above 5939 for more positiveness. Trend players need to wait for suitable opportunity. Intraday traders can watch the levels on spot nifty given below to trade on Friday.
No trade between 5832 and 5871(To avoid whipsaws)
Buy above 5871 sl of 5851
targets 5890-5909(add positions, breakout on the upside),
5928-5947-5966-5985-6004.
Sell below 5832 sl of 5852
targets 5813-5794(add positions,breakout on the downside)
5775-5756-5737-5718-5699.
Happy Trading !!!
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