Nifty futures could not cross the hurdle of 5982 in this pull-back. Today opening gap down was against the trend momentum and broke the critical level of 5936.50. Staying below 5936.50 created panic and the next support was at 5887 and the same was broken intraday and we closed below it at 5853.45. For tomorrow we need to sustain above 5887 for any recovery to happen. The level below it is at 5838.35 which now critical level on downside. The breach of 5838.25 on futures will open up more downside. On charts we are very near to the red support line. Intraday traders can look at the levels on spot nifty to trade on Friday.
Spot Nifty Levels for Trading on Friday :
No trade between 5833 and 5872(To avoid whipsaws)
Buy above 5872 sl of 5852
targets 5891-5910(add positions, breakout on the upside),
5929-5948-5967-5986-6005.
Sell below 5833 sl of 5853
targets 5814-5795(add positions,breakout on the downside)
5776-5757-5738-5719-5700.
Happy Trading !!!
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