What a fiasco on the Budget day.. another lesson to not to trade on event days.. without stop loss.. On such days technical's will rarely work. On expiry we are at 5729 in March series. The monthly pivot for March series is at 5815. The resistance are at 5956-6219 and supports at 5552-5411. The levels to watch for short term are 5552-5683-5815-5885. The divergence still exists on charts clearly for MFI, but price is always supreme. RSI is holding its level which is adding more mystery. The recovery may be quick if the divergence works out fine. Intraday traders can look at the levels on futures given below to trade on Friday.
Nifty Future Levels for Trading on Friday :
No trade between 5710 and 5748(To avoid whipsaws)
Buy above 5748 sl of 5728
targets 5767-5786(add positions, breakout on the upside),
5805-5824-5843-5862-5881.
Sell below 5710 sl of 5730
targets 5691-5672(add positions,breakout on the downside)
5653-5634-5615-5596-5577.
Happy Trading !!!
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