Nifty futures closed the May series at 6124.05 which is at the upper end of the range. On charts we are closing the near red line marked and need to sustain above it. June series pivot is at 6074. The resistance level no 1 and 2 are 6288 and 6453. The supports level no 1 and 2 are 5910 and 5697. The intermediate resistance levels are 6182 and 6288 for short term. The support level on intermediate basis for short term are 5992 and 5910. For the start of June series trend players can be positive above 6074 with suitable stop loss and use the resistance levels as targets. Indicators are not showing strength except MACD which is a cause for worry. Use the levels for trend trading. Intraday traders can use the levels on spot nifty given below for trading on Friday.
Spot Nifty Levels for Trading on Friday :
No trade between 6105 and 6144(To avoid whipsaws)
Buy above 6144 sl of 6124
targets 6163-6182(add positions, breakout on the upside),
6201-6220-6239-6258-6277.
Sell below 6105 sl of 6125
targets 6086-6067(add positions,breakout on the downside)
6048-6029-6010-5991-5972.
Happy Trading !!!
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