Nifty futures opened in the red and stayed in red for the day. Below the monthly level of 5757 the level of 5698 was breached yesterday so the trend was negative and it could not cross this level of 5698. Today we went below our monthly intermediate support level of 5640 and hit the low of 5583.30. The monthly support level no 1 is at 5524 which needs to watched. For tomorrow we need to cross the level of 5640 for any positiveness or recovery.We are currently at the bottom of the falling channel we need to stay in the channel to avoid further damage. Intraday traders can look the levels on spot nifty given below to trade on Friday.
Spot Nifty Levels for Trading on Friday :
No trade between 5556 and 5593(To avoid whipsaws)
Buy above 5593 sl of 5673
targets 5612-5631(add positions, breakout on the upside),
5650-5669-5688-5707-5726.
Sell below 5553 sl of 5573
targets 5534-5515(add positions,breakout on the downside)
5496-5477-5458-5439-5420.
Happy Trading !!!
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