Nifty futures could cross the high of Monday on Tuesday and moved in a very narrow range and closed at 5695.50. If we look at this October series we have a high of 5855.60 and low of 5637.40 for this series. The expiry for September series was at 5649.50. We are currently closing above it after dipping below it once. Interestingly we have not closed below it i.e 5649.50. It would be the level to watch for this expiry on last trading day and give some clues for the next one. On nifty futures we need to close above the level of 5750 for the first sign of recovery. The sideways move is continuing for nifty futures from 5650 to 5750 so trend players can take positions on either side on breakout of these levels. Intraday traders can look at the levels on spot nifty given below to trade on Thursday. Friday is a holiday no update for it will be provided.
No trade between 5673 and 5710(To avoid whipsaws)
Buy above 5710 sl of 5690
targets 5729-5748(add positions, breakout on the upside),
5767-5786-5805-5824-5843.
Sell below 5673 sl of 5693
targets 5654-5635(add positions,breakout on the downside)
5616-5597-5578-5559-5540.
Happy Trading !!!
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