Nifty futures opened with a huge gap at 5639.40 and then made a high of 5702.90 and closed the day at 5682.50. The volatility index dropped nearly 2.2 percent today to close at 18.85 from a high of 21.07. To day we made a run to the top of the channel. Now further strength will be seen on breakout of the channel and sustaining above it. Indicators are showing some improvement but need more confirmation.
Yesterday we had seen the Murrey Maths levels on futures and observed recovery above 5625 and we hit the next level on the hourly chart of 5703(high at 5702.90) and then closed below it. So for tomorrow we need to sustain above the 5703 level with resistance at 5781 and supports at 5625.
The expiry for June series was at 5682.35. For July series we have pivot at 5786. For July series trend players can be positive above 5786 on futures with monthly resistances at 6015 and 6348. Below 5786 the monthly supports are at 5453 and 5224. Short term trend resistance are 5901 and 6015 and supports are at 5619 and 5483. Use these levels for trend determination and take positions accordingly with suitable stop loss.
Intraday traders can look at the levels on nifty futures given below to trade on Friday.
No trade between 5667 and 5705(To avoid whipsaws)
Buy above 5705 sl of 5685
targets 5724-5743(add positions, breakout on the upside),
5762-5781-5800-5819-5838.
Sell below 5667 sl of 5687
targets 5648-5629(add positions,breakout on the downside)
5610-5591-5572-5553-5534.
Happy Trading !!!
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