A set of great days for expiry players in this series who could track the trend. This is what we are trying to achieve here and I think those who have followed it were on the right side of the trend. The expiry for August series at 5409.50 is the take away. The pivot for September series is at 5555.55(awesome figure..lol). Well the last swing high was at 5526.75 which makes it more awesome. Coming to the point we are below this pivot so watch this level carefully with no bias for bull or bear in mind. Try to trade only levels to achieve desired results which will remove fear and greed from your mind. Support level no 1 for September series is at 5258.90( three lows formed around this level 5200,5250 and 5257) again making this level to watch for further clues. The resistance level no 1 for September series is at 5774.70( again swing highs coming at 5759,5725 and 5717) so making this level also as important as the other two levels. Breaking out of this range for futures will be a hard task i.e from 5750 to 5250. So lets use this levels very carefully to make some profits for ourselves. The intermediate resistance levels are 5663-5775 and intermediate supports levels are at 5407-5259.
The 4 hourly chart for futures with MM levels show s the level of 5313 sustained to day and attempting the next level of 5469. For tomorrow use 5469 as pivot with resistance at 5625 and supports at 5313. for this time frame.
The hourly chart with awesome for futures shows green for the day end. We are again at the neutral level for awesome. The divergence for MFI and RSI has played out in two days move. MACD is till below the neutral level and is always late. On price action we are again at the channel top and below the first resistance level of 5501 marked on chart. Use 5400 as pivot with 5475-5550 are resistance and 5325-5250 as supports for this time frame.
Intraday traders can look at the levels on futures given below to trade on Friday.
Nifty Futures Levels for Trading on Friday :
No trade between 5397 and 5434(To avoid whipsaws)
Buy above 5434 sl of 5414
targets 5453-5472(add positions, breakout on the upside),
5491-5510-5529-5548-5567.
Sell below 5397 sl of 5417
targets 5378-5359(add positions,breakout on the downside)
5340-5321-5302-5283-5264.
Happy Trading !!!
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