Nifty futures for January series opened with a bang and looked promising for the day. But the rally fizzled from the open and closed the day at 5930.30. For December series the open was at 5971.90 (not many must have remembered the opening price) high was 6002.85 and low was 5838.05. We closed the series at 5870.10 a negative close of 100 points. So the momentum has been lost at the end of the series. For January series the pivot level is at 5898. The resistances for the series are at 5975-6052-6129. The support for the series is at 5821-5747-5673. Now sustaining above the level of 5898 is critical for the trend. Any dips or close below 5898 will be detrimental for the trend. Positional traders can use this level for longs with suitable stop loss. Intraday traders can watch the levels on nifty futures given below to trade on Friday.
No trade between 5897 and 5935(To avoid whipsaws)
Buy above 5935 sl of 5915
targets 5954-5973(add positions, breakout on the upside),
5992-6011-6030-6049-6068.
Sell below 5897 sl of 5877
targets 5878-5859(add positions,breakout on the downside)
5840-5821-5802-5783-5764.
Happy Trading !!!
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