Nifty futures opened at 6078 and a high of 6079 and breach the level one resistance of 6063 which was critical support for the trend. Now below this level of 6063 we have intermediate support of 5918. The rising channel was clearly broken today. We reached the critical level of 5952 on this chart. The rise was totally retraced today in less time period. Now we need to see if the momentum continues or the strength of the recovery as it when it happens. RSI has closed below 55 and need to cross this level again for any recovery. MFI should be watched at 40 and 60 levels now. MACD is yet to form a top but it takes time for reversal. So MFI once again proved its worthiness by giving early signal. Trend players can use the major levels given earlier for trend play. Intraday traders can use the levels on spot nifty given below to trade on Friday.
Spot Nifty Levels for Trading on Thursday :
No trade between 5948 and 5986(To avoid whipsaws)
Buy above 5986 sl of 5966
targets 6005-6024(add positions, breakout on the upside),
6043-6062-6081-6100-6119.
Sell below 5948 sl of 5968
targets 5929-5910(add positions,breakout on the downside)
5891-5872-5853-5834-5815.
Happy Trading !!!
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