Nifty futures had a reversal day on Friday and corrected to close at 5951.10. The high of 6024.95 could not be touched and we made a lower high of 6006 on Friday. The low of 5930 is made on Thursday needs to be watched for short term on Monday. Indicators both RSI and MFI seems to be a highs and need to be watched. MACD is above the zero level and needs to be watch further for any reversal. Use the monthly levels for taking positions on the series. Intraday traders can look at the spot nifty levels given below to trade on Monday.
Spot Nifty Levels for Trading on Friday :
No trade between 5925 and 5963(To avoid whipsaws)
Buy above 5963 sl of 5943
targets 5982-6001(add positions, breakout on the upside),
6020-6039-6058-6077-6096.
Sell below 5925 sl of 5945
targets 5906-5887(add positions,breakout on the downside)
5868-5849-5830-5811-5792.
Happy Trading !!!
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