On the dailies for futures 5948 is the level to watch as it was hit in past if look at in past and was the first swing high for this series. On price action watch the red line for support below it we have the yellow line to look at. 5997 is a big level to watch and anything above it will open up up many possibilities on the futures. As the aim of squeezing out shorts of system was achieved recently so are there fresh shorts being build up in the system is a question which will be answered in time. Supports at 5775 as per September series levels and below this we have 5555 our pivot. Positional profits of two levels or more (remember 5258 below pivot cross of this level was entry point as per this series levels) seen again in this series... if observed neatly. So use 5775 as pivot on this time frame with margin of plus or minus 100 points.
The 4 hourly futures with MM levels has worked fine till date. We hit the level of 5938 and back to support of 5781 missing it by few points. Use 5781 as pivot with resistance at 5938 and supports at 5625 the good old level respected always.
The hourly chart with awesome had some red at the end on the earlier day and we saw more red today also. Awesome nearing the neutral level and need to watch it there. RSI has come down to 55 and breach of it is not good for trend. MFI is down to 40 again supports near 20; currently double bottoming on chart. Price action hit the third level of green marked on chart exactly and proved its worth. Watch action between the top two green breakout on either side will be worth a trade. Use 5850 as pivot with 5950 as resistance and 5750 as support for the day.
Intraday traders can use the levels on spot nifty given below to trade on Friday the 13 th; if you !!!Believe IT !!!
Spot Nifty Levels for Trading on Friday :
No trade between 5832 and 5870(To avoid whipsaws)
Buy above 5870 sl of 5850
targets 5889-5908(add positions, breakout on the upside),
5927-5946-5965-5984-6003.
Sell below 5832 sl of 5852
targets 5813-5794(add positions,breakout on the downside)
5775-5756-5737-5716-5695.
Happy Trading !!!
Happy Trading !!!
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