nifty is range bound on 17225-16845 for the past 2 weeks and has tested the range limits multiple times. it has also formed a flag and pole pattern and is also with in downward channel. Nifty could see a small bounce back and likely to give a gap up opening on monday, but will face strong resistance at 17200 levels. any closure with volume on 15 min time frame above 18200 can be considered a break out and we could see levels of 17850 for weekly closure. till 17200 is bronken with strong momentum, we could see a fall back to 17000-16950 levels. sell of rise shoudl be the motto.
likely levels for monday
buy above 17050 with sl of 17030 for targets 17100-17150-17200 on upside
sell below 16950 with sl at 16980 for targets 16900/19850/16800 on downside
likely levels for monday
buy above 17050 with sl of 17030 for targets 17100-17150-17200 on upside
sell below 16950 with sl at 16980 for targets 16900/19850/16800 on downside