Nifty futures closed the April series on high at 5916.30, which was a good recovery at the end of the series. The next series of May becomes very critical for as the saying goes "SELL IN MAY AND GO AWAY ". So one needs to be cautious ahead. For the May series the pivot is at 5772 and we are above it so the trend is positive. The major resistance levels are 6063 and 6216. The major support levels for the series are at 5619 and 5327. The intermediate resistances for the short term are at 5917 and 6063. The intermediate supports for the short term are at 5695 and 5618. Currently we are near the intermediate resistance and staying above it will be positive for the futures. So trend players can use this levels for the May series trading. Intraday traders can look at the levels on nifty futures given below to trade on Friday.
Nifty Futures Levels for Trading on Friday :
No trade between 5897 and 5936(To avoid whipsaws)
Buy above 5936 sl of 5916
targets 5955-5974(add positions, breakout on the upside),
5993-6012-6031-6050-6069.
Sell below 5897 sl of 5917
targets 5878-5859(add positions,breakout on the downside)
5840-5821-5802-5783-5764.
Happy Trading !!!
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