Nifty futures remained in the positive zone for most part of the day and closed at 5772.05. This is a positive close for nifty futures as it has closed above our monthly pivot. The 15 min chart on futures show the channel breakout and nifty futures sustaining above the channel for the second consecutive day with a perfect back-testing/support of the channel top. The breakout gap is intact which is highly encouraging The yellow channel above it shows the current resistance projected from the earlier top. The maroon colour channel is showing the current rise where today is took support. Also the small yellow colour channel is showing the projected rise. The fibo extension show a 50% level resistance at 5778(5772 in chart, 6 point difference in this software).The 61.8% extension level is at 5796 which needs to be taken out soon for further rally ahead. The 100% extension level is at 5849 which could be achieved after 5796 is crossed. The trend will continue up as long as it maintains the maroon channel. Intraday traders can look at the levels on spot nifty given below to trade on Wednesday.
No trade between 5706 and 5743(To avoid whipsaws)
Buy above 5743 sl of 5723
targets 5762-5781(add positions, breakout on the upside),
5800-5819-5838-5857-5876.
Sell below 5706 sl of 5726
targets 5687-5668(add positions,breakout on the downside)
5649-5630-5611-5592-5573.
Happy Trading !!!
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