Again today volatility coming into play with gap up opening and remaining in positive for the day. The close at 5837 is positive above our monthly pivot of 5786. The opening at 5793.95 was above this level so positive for trend players. Indicators do not show anything against the trend on this time frame so its positive.
On the hourly chart showing MM levels we saw opening above the level of 5781 again positive on this time frame and we have closed above the level of 5820. Now we need to sustain above this level and cross the level of 5859 and sustain above it for a strong weekly close.
On the hourly chart with awesome oscillator we see a close in green. MFI showing a reversal which is positive for the trend. RSI also showing some strength. MACD yet to cross down the neutral level of zero.
Intraday traders can use the levels on spot nifty given below to trade on Friday.
Spot Nifty Levels for Trading on Friday :
No trade between 5818 and 5856(To avoid whipsaws)
Buy above 5856 sl of 5836
targets 5875-5894(add positions, breakout on the upside),
5913-5932-5951-5970-5989.
Sell below 5818 sl of 5798
targets 5799-5780(add positions,breakout on the downside)
5761-5742-5723-5704-5685.
Happy Trading !!!
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