Nifty futures hit a bottom of 5825 and remained range bound for the day to close at 5856.30 after making a high of 5883.25. The close is around the same levels of Thursday. On intraday we breached the level of 5838.25 which was negative but closed above it for the day which is important. On charts we see the movement happening between the aqua line and the red line which is sideways. Breakout on either side would be good for traders who are frustrated to watch the ranged movement. On indicators we see positive divergence and price needs to confirm the same. Watch for back testing of the trend lines on both indicators for any reversal. We have hit a weekly low near the second monthly support and holding the same on Monday will be see some recovery. With expiry next week we may see volatility for the index with wild swings. Intraday traders can use the same levels for Friday given below to trade on Monday.
Spot Nifty Levels for Trading on Monday :
No trade between 5833 and 5872(To avoid whipsaws)
Buy above 5872 sl of 5852
targets 5891-5910(add positions, breakout on the upside),
5929-5948-5967-5986-6005.
Sell below 5833 sl of 5853
targets 5814-5795(add positions,breakout on the downside)
5776-5757-5738-5719-5700.
Happy Trading !!!
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