Nifty futures opened in red and remained in red for noon and then recovered to move in green and again closed in neutral zone. The close for last 4 days has been between 5935 to 5960. Today was a inside day with today's range was in between the range of yesterday. But today we made a lower low again which is not good for recovery. On charts we are still struggling to close above the critical level marked on chart. The downward move is still within the channel and yet to hit the bottom of the channel. Indicators are not showing any strength so the reversal is not yet ascertained. Trend traders can look at the main levels for the series. 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 5902 and 5941(To avoid whipsaws)
Buy above 5941 sl of 5921
targets 5960-5979(add positions, breakout on the upside),
5998-6017-6036-6052-6071.
Sell below 5902 sl of 5922
targets 5883-5864(add positions,breakout on the downside)
5845-5826-5807-5788-5769.
Happy Trading !!!
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