Nifty futures opened gap down and made a new low at 5692.25 and closed the day in negative at 5702. Below the 61.8% level of 5791.50 it was negative and was short of 25 points near the 78.6% retracement level of 5668 mentioned earlier. Now the 5668 is critical on the downside and for recovery to start we need to close at least above 5791.50. In between these level we are sideways on the futures. On charts we need to trade above the dotted and try to stay in the channel. Indicators show no strength yet with RSI moving below 34 and it should move above 34 for recovery. MFI is flat and near the lows and need to be watched for positive divergence. MACD is at zero so neutral and is the last after RSI to give the trend direction. Intraday traders can look at the levels on spot nifty to trade on Friday.
Spot Nifty Levels for Trading on Friday :
No trade between 5680 and 5718(To avoid whipsaws)
Buy above 5718 sl of 5698
targets 5737-5756(add positions, breakout on the upside),
5775-5794-5813-5832-5851.
Sell below 5680 sl of 5700
targets 5661-5642(add positions,breakout on the downside)
5623-5604-5585-5566-5547.
Happy Trading !!!
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