Nifty futures opened with a gap up again at 6058.15 above the 6050 mark. The open was again high for the day so the rally took a pause. The day was consolidation with range of 28 points. Also on charts we could not reach the top of the channel. From the low of 28 Dec of 5930 on the futures we have rallied for 120 points in 5 trading days. The close is at 6037.55 that is 100 points gain. Above 6050 the third monthly target is 6129 on the futures. On chart the top of the channel needs to watched for any reversal. Crossing this top of channel we may touch the second top of channel which has been hit twice in past as seen on charts. So yesterday we had a loss in motion/momentum as price has closed below the open. For today if we do not sustain above the 6050 we may see sideways to negative price action. Today is the last trading day for the week we are likely to see some profit booking but closing above 6050 will be a strong signal for the trend. Intraday traders can look at the spot levels given below to trade on Friday.
Trade Levels for Thursday :
No trade between 5990 and 6029(To avoid whipsaws)
Buy above 6029 sl of 6009
targets 6048-6067(add positions, breakout on the upside),
6086-6105-6124-6143-6162.
Sell below 5990 sl of 6010
targets 5981-5962(add positions,breakout on the downside)
5943-5924-5905-5886-5867.
Happy Trading !!!
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