Nifty futures had another green day with positive close at 5757.55. The high and low being at 5759.00 and 5698.45. Futures have closed above the support level 1 of 5739.25. So above 5739.25 it is positive with resistance at 5831.25 and support at 5655.15. The monthly pivot is at 5923.25 which will be a big hurdle for futures on this time frame.
The 4 hourly chart of futures with MM levels shows close above the 5703 level. Use this as pivot with resistance at 5781 and support at 5625 for this time frame. Expecting some congestion around level of 5781 but close above it will be positive.
The hourly chart with awesome show red at the close of the day. With RSI and MFI in over-bought zone. 5725 can be used at pivot for this time frame with resistance at 5800 and support at 5650.
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 5723 and 5761(To avoid whipsaws)
Buy above 5761 sl of 5741
targets 5780-5799(add positions, breakout on the upside),
5818-5837-5856-5875-5894.
Sell below 5723 sl of 5743
targets 5704-5685(add positions,breakout on the downside)
5666-5647-5628-5609-5590.
Happy Trading !!!
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