On Friday Nifty made a high of 5143.60 but could not sustain it due to profit booking for the week.Spot nifty closed at 5080.25 which is positive.Now the major levels to watch on spot Nifty are 5113(Fixed Cross,45 degrees), 5149( Cardinal Cross,90 degrees),5185(Fixed Cross,135 degrees),5221(Cardinal crosss,180 degrees) and 5257(Fixed Cross,225 degrees) for positional traders.The target for spot Nifty marked on charts is as per symmetry if we close above 5195 within 2 days.We were resisted at 5149(Cardinal Cross, 90 degrees) on Friday which becomes the ideal resistance for Nifty on Monday. Supports for positional traders can be at 5077(Cardinal cross, 0 degrees),5041(Fixed Cross,315 degrees) ,5006(Cardinal Cross,270 degrees) and 4971(Fixed Cross,225 degrees).
Levels to watch for intraday on Spot Nifty :No trading zone between 5066 to 5102 to avoid whipsaws.
Buy above 5102 with SL of 5087 for targets of 5120 - 5138 - 5156- 5181
Sell below 5066 with SL of 5081 for targets of 5049 - 5031 - 5013- 4996
Happy Trading !
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