Nifty Futures had a calm day trying to stick to the weekly close and managed to close above it at 5594.50. The 15 minutes chart shows the important levels with the pivot coming at 5668 above it will mark a strong recovery.
Nifty futures on the hourly chart is hanging on the wire for the day and closed within the channel. Now sustaining in the channel is the key to recovery. Closing the breakdown gap will be another thing to watch ahead. The resistances are 5636 and 5673 on the daily and then the monthly pivot at 5747 till then no long positions only trading is possible. Intraday traders can look at the levels on spot nifty to trade on Tuesday.
No trade between 5553 and 5590(To avoid whipsaws)
Buy above 5590 sl of 5570
targets 5609-5628(add positions, breakout on the upside),
5647-5666-5685-5704-5723.
Sell below 5553 sl of 5573
targets 5535-5516(add positions,breakout on the downside)
5495-5476-5457-5438-5419.
Happy Trading !!!
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