Nifty futures opened with a huge gap up and had a breakout day. The high made today was at 5963 and low was at 5893 with close at 5938 a gain of nearly 106 points. This time frame has turned on the momentum to upside with today's move. RSI has closed above 55 and needs to sustain above it. MFI is reaching the resistance of 60 level and needs to cross and sustain above it. MACD is returning to the neutral level of zero.
On the hourly MM levels we skipped two levels at the start and sustained above the 5898 for the first time. For the trend this level can use as stop loss by momentum players. The next resistance levels are 5977 and 6016. With supports at 5898 and 5859 and 5938 as pivot.
On the hourly chart with awesome oscillator we see price crossing the horizontal level marked and closing above it. On the indicator's front we see the divergence being taken out on almost all of them except the MFI. Now we need confirmation from MFI by crossing the 60 level and sustaining above it.
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 5916 and 5954(To avoid whipsaws)
Buy above 5954 sl of 5934
targets 5973-5992(add positions, breakout on the upside),
6011-6030-6049-6068-6087.
Sell below 5916 sl of 5936
targets 5897-5878(add positions,breakout on the downside)
5859-5840-5821-5802-5783.
Happy Trading !!!
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