Spot nifty had a sideways day with the todays action lying between the Fridays range (inside bar) with net loss of 5 points. The downside momentum has paused for the last two days without the price action making any dent on the upside. This is a cause for worry for the index and it should have made some recovery on the upside. The chart above shows the support and resistance zones on hourly chart of nifty futures. The range on hourly is between 5270 and 5300. The breach of 5270 looks critical on chart. On the upside 5330 is the immediate resistance. As mentioned earlier the level of 5352 is the level above which some meaningful recovery will be seen if sustained. So wait and watch is the game for trend players. Intraday traders can look at the levels on spot nifty to trade on Tuesday.
No trade between 5236 and 5272(To avoid whipsaws)
Buy above 5272 sl of 5252
targets 5290-5308(add positions, breakout on the upside),
5327-5346-5365-5384-5403.
Sell below 5236 sl of 5256
targets 5218-5200(add positions,breakout on the downside)
5182-5164-5146-5128-5110.
Happy Trading !!!
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