Today Nifty could not sustain above the 5936.50 level and thereby showed intra-day weakness. Also it made a new low at 5889.05 just below the earlier low of 5900 on 8th Feb 2013. Nifty futures staying below 5936.50 will be negative for the recovery in this expiry. The important level below it is at 5838.25 which is our second monthly support. The intermediate level to watch is at 5887.30 on the futures, so for tomorrow sustaining below 5887 will be negative for it. Now 5936.50 will be the hurdle to cross and may see some recovery if closes above it. Tomorrow's probable range is 5936.50 to 5838.25 with 5887 as pivot and also being Friday we have an important weekly close for this correction from the top of 6157. Intraday traders can watch the levels given below on spot nifty to trade on Friday.
Spot Nifty Levels for Trading on Friday :
No trade between 5865 and 5904(To avoid whipsaws)
Buy above 5904 sl of 5884
targets 5923-5942(add positions, breakout on the upside),
5961-5980-5999-6018-6037-6056.
Sell below 5865 sl of 5885
targets 5846-5827(add positions,breakout on the downside)
5808-5789-5770-5751-5732.
Happy Trading !!!
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