Nifty futures moved in a range of 50 points on Friday and closed above the 5900 level at 5918.60. The close on Friday is at the higher end of the range which is positive. The current expiry range for nifty is between 5750 to 6150 and anything above or below would be considered as breakout. A move above 5950 is positive and could target up to 6150.A move below 5950 could target up to 5750. On futures charts we see that the indicators have moved out of the channel. Also the price action is within the aqua channel which is showing sideways move any breach will turn negative for futures. The yellow channel is showing a rising trend which is the main trend. If we are looking at the short term trend the voilet channel is being broken by price at the close on Friday. So on charts price action looks positive as long as the voilet rising line and thereafter the yellow rising line is held by it.
No trade between 5860 and 5899(To avoid whipsaws)
Buy above 5899 sl of 5879
targets 5918-5937(add positions, breakout on the upside),
5956-5975-5994-6013-6032.
Sell below 5860 sl of 5880
targets 5841-5822(add positions,breakout on the downside)
5803-5784-5765-5746-5727.
Happy Trading !!!
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