Nifty futures opened very weak on global clues and lost nearly 180 points at the end of the day. On charts we see futures opened below the dotted line marked on chart and hit the bottom of the channel for the third time. The close is below the level of 5697 our second support level of this series. Below this level we have intermediate support at 5508 and third monthly support is at 5319. For recovery of any kind we need to sustain above the level of 5697 consistently on the futures.
Lets look at the weekly chart posted on weekend to look at the medium term frame. The negative divergence on RSI and MFI has played very well with the fall showing its might.On weekly bollinger bands we support coming at 5410 and also the red trendline confirming it. The falling trendline has been the resistance catching almost every top of last few weeks. Trend players had been warned below 5803 and should have benefited with the open around 5750 levels.
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 5637 and 5675(To avoid whipsaws)
Buy above 5675 sl of 5655
targets 5694-5713(add positions, breakout on the upside),
5732-5751-5770-5789-5808.
Sell below 5637 sl of 5657
targets 5618-5599(add positions,breakout on the downside)
5580-5561-5542-5533-5514.
Happy Trading !!!
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