Nifty futures opened gap down and continued its journey towards correction to make a bottom at 5847.40 and close the week at 5853.40. This is the lowest close for the series with the low for the series at 5838.05. The monthly pivot for this series was at 5821 which is the last support for this fall. Below this level the trend will be in danger. Below 5821 the next support is at 5747 and resistance is at 5898. For Monday it should cross 5859 for any recovery to happen and staying below this level may see more correction. On charts we are nearing the rising channel bottom in yellow colour and the aqua line looks the support. Closing below the aqua and then yellow channel may see some panic creeping in. The close is important and not intraday breach. Intraday traders can look at the levels on spot nifty given below to trade on Monday. Tuesday being holiday no updates will be provided.
No trade between 5829 and 5867(To avoid whipsaws)
Buy above 5867 sl of 5847
targets 5886-5905(add positions, breakout on the upside),
5924-5943-5962-5981-6000.
Sell below 5829 sl of 5849
targets 5810-5791(add positions,breakout on the downside)
5772-5753-5734-5715-5696.
Happy Trading !!!
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.