Nifty futures had another volatile day with recovery happening earlier and then gave up the gains to close the day at 5756.10. The low made today was lower than yesterday at 5701. The high of the day was at 5841 after opening with a gap up at 5799. The pivot for this time frame is at 5923.25 below which the trend is negative. The level 1 support is at 5739.25 was held at the close. Sustaining below 5739.25 is continuation of downtrend. The move between 5739.25 and 5923.25 is sideways with intermediate resistance of 5831.25 which was achieved today intraday. Use this levels prudently for your trades. The levels are given at the start of the series and are valid till expiry.
The 4 hourly chart of MM levels we see 5781 level acted as pivot. Above we nearly hit the resistance at 5859 with high at 5841. The support was at 5703 and was hit today with low at 5701. Again for tomorrow use 5781 as pivot with the same support and resistance.
For hourly chart the divergence worked by hitting a high of 5841. We are still at the bottom of the lower green channel. The divergence is yet to be negated on the indicators. So staying within the lower green channel will be crucial for the trend ahead.
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 5709 and 5747(To avoid whipsaws)
Buy above 5747 sl of 5727
targets 5766-5785(add positions, breakout on the upside),
5804-5823-5842-5861-5880.
Sell below 5709 sl of 5729
targets 5690-5671(add positions,breakout on the downside)
5652-5633-5614-5595-5576.
Happy Trading !!!
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