Nifty futures opened up with a huge gap and formed a island reversal formation and made a high of 5823.45 and close the week at 5801.25. On charts we see the open was within the channel and above the dotted line sure buy for intraday. For Monday one can be positive above the dotted line for targets of the top of the channel. On indicators lot, MFI is flat and yet to show a reversal. RSI has turned up and moved above the level of 34 and needs to sustain above it. MACD is below zero so is cause for worry for the trend. It should move and stay put above the neutral level of zero. Trend players can use the main levels given earlier for trend catching. The level of 5791.25 is the level to watch there. Intraday players can look at the levels on spot nifty given below to trade on Monday.
Spot Nifty Levels for Trading on Friday :
No trade between 5789 and 5827(To avoid whipsaws)
Buy above 5827 sl of 5807
targets 5846-5865(add positions, breakout on the upside),
5884-5903-5922-5941-5960.
Sell below 5789 sl of 5809
targets 5770-5751(add positions,breakout on the downside)
5732-5713-5694-5675-5656.
Happy Trading !!!
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