Nifty Futures closed at the week very weak for this trend at 5570 breaking the 5600 level. The monthly pivot was at 5747 below which the trend is negative. The support levels below this pivot were 5673 and 5597 which have been breached now. The green channel of support was broken on Friday as shown in chart above. The nifty futures are precariously poised on the other channel support shown in voilet colour. Below 5597 we have the next levels coming at 5525-5451-5377. The two indicators show again the delicate situation on nifty futures. So sustaining below 5599 will make it prone to lower levels. The immediate resistances on the upside are at 5597-5636-5673 and supports are at 5561-5525-5487.
The Fibo Fans showing the important levels on charts and important breach with gap down on Friday. Sustaining below the green mark yellow line may take it to next fan support by closing the gap.
This chart shows the fibo retracement levels. On Monday for any recovery to be possible it should sustain above 5599 and close above 5636 atleast. The current trend is now sideways to negative. The futures should stay in the channel for any recovery. Intraday traders can look at the levels on spot nifty to trade on Monday.
No trade between 5555 and 5593(To avoid whipsaws)
Buy above 5593 sl of 5573
targets 5612-5631(add positions, breakout on the upside),
5650-5669-5688-5707-5726.
Sell below 5555 sl of 5575
targets 5536-5517(add positions,breakout on the downside)
5498-5479-5460-5441-5422.
Happy Trading !!!
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