Nifty futures had a very volatile day with expanding range for volatility moving from a high of 17.16 to a low of 14.58 and closed at 14.66 which is lesser than yesterday,s close of 16.20. This level of volatility was seen earlier on 26.02.2013(17.60, Nifty spot was 5761.35) and 19.11.2012(17.22, Nifty spot was 5571.40). The volatility is good for option player if played in the right sense. On charts futures dipped into the channel again for a brief time and moved up and closed above it 5940.05. The level of 5956 needs to be watched tomorrow for further momentum and staying below this level will be sideways again up to supports of 5815 our monthly pivot. Below an hourly chart is shown which marked the trading range very well.
Intraday traders can look at the levels on spot nifty given below to trade on Friday.
Spot Nifty Levels for Trading on Friday :
No trade between 5890 and 5928(To avoid whipsaws)
Buy above 5928 sl of 5908
targets 5947-5966(add positions, breakout on the upside),
5985-6004-6023-6042-6061.
Sell below 5890 sl of 5910
targets 5871-5852(add positions,breakout on the downside)
5833-5814-5795-5776-5557.
Happy Trading !!!
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