The recovery for nifty futures continued today and crossed the intermediate hurdle of 5886 and closed at 5901.80. The level of 5815 was not breached intraday so the monthly pivot was safe for the day. The next important hurdle at 5971 which is a big resistance for futures. This our monthly resistance level no 1 and we may see some profit booking around these level. The momentum on the indicators seems to be picking up but needs to be watched for further clues. Staying above the falling channel will be the key . Use the levels given for trend play. Intraday traders can use the levels on spot nifty given below to trade on Friday.
Spot Nifty Levels for Trading on Friday :
No trade between 5844 and 5882(To avoid whipsaws)
Buy above 5882 sl of 5862
targets 5901-5920(add positions, breakout on the upside),
5939-5958-5977-5996-6005.
Sell below 5844 sl of 5864
targets 5825-5806(add positions,breakout on the downside)
5787-5768-5749-5730-5711.
Happy Trading !!!
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