Nifty had a good recovery at the end of the day with the close at 6060.20. Price has retained the channel and is moving up within it. We have sustained above 6015 so the trend is up on this time frame.
On the 4 hour chart with MM levels we have crossed the 6016 and closed above it. Next resistance level above this level is 6094.
On the hourly chart of futures with awesome indicator we are seeing a symmetrical channel followed with the bottom formed exactly at the bottom of the identical channel. Price moving up the indicators have improved a lot on this time frame. So as long we retain the channel the trend is positive on this time frame.
For trend traders we see have closed above the monthly resistance of 6015 which is positive. The intermediate resistance is at 6182 above 6015 level. Intraday traders can look at the levels on spot nifty given below to trade on Friday.
Spot Nifty Levels for Trading on Thursday :
No trade between 6019 and 6057(To avoid whipsaws)
Buy above 6057 sl of 6037
targets 6076-6095(add positions, breakout on the upside),
6114-6133-6152-6171-6190.
Sell below 6019 sl of 6039
targets 6000-5981(add positions,breakout on the downside)
5962-5943-5924-5905-5886.
Happy Trading !!!
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