Today was an inside day for the spot nifty as the range was between the Fridays range. Spot nifty closed in negative at 5669.60 with a net loss of 21 points. The trading range currently as shown in nifty futures chart above is 5625 to 5781. Today the futures closed at 5682.50. The pivot was at 5704 dipping below it the nifty futures were in negative zone. Futures had a low of 5675.50 and closed at the lower end of the range from 5728.90 high. The supports on futures are at 5665 and 5625. Nifty futures will need to cross the pivot of 5704 to be positive which is now the current resistance. Above 5704 the resistance are 5744 and 5783. Intraday players can look at the levels on spot nifty given below to trade on Tuesday.
No trade between 5651 and 5688(To avoid whipsaws)
Buy above 5688 sl of 5668
targets 5707-5726(add positions, breakout on the upside),
5745-5764-5783-5802-5821.
Sell below 5650 sl of 5670
targets 5632-5613(add positions,breakout on the downside)
5594-5576-5557-5538-5520.
Happy Trading !!!
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