Nifty futures recovered some of the losses of yesterday to close at 6051. Again the futures look to be trapped in the 75-100 points range after making a high of 6096 on 15.01.2013. On charts nifty did not enter the zone to watch so it was safe for the day. The close is still above the aqua line of which had breakout occurred. Nifty futures are trying to settle above the 6000 psychological level and have been fairly successful yet. The main trend is up till we are not closing weekly below the rising channel . The indicators pair is still at neutral levels indicating a sideways range. Next week days between 21-24 of January 2013 will give us some clues for this trend. There have been many instances for this trend when tops have been called and the calls have eventually failed. So we need some patience and more confirmation before calling it a top. Intraday traders can look at the levels on spot nifty given below to trade on Friday.
Trade Levels for Friday :
No trade between 6020 and 6059(To avoid whipsaws)
Buy above 6059 sl of 6039
targets 6078-6097(add positions, breakout on the upside),
6116-6135-6154-6173-6192.
Sell below 6020 sl of 6000
targets 6001-5982(add positions,breakout on the downside)
5963-5944-5925-5906-5887.
Happy Trading !!!
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.