Nifty Futures made the lost ground in later part of the day to close at 5926.25. The resistance of 5950 is yet to be crossed for it to be positive. On charts it needs to clear the resistance of the channel top after hitting it. The crossing of this resistance could possibly take it to the upper end of the channel. The main channel has worked perfectly till date so one needs to use it prudently. Let us revise the monthly levels at this point. The monthly pivot at 5821, resistances are at 5898-5975 and supports are at 5747-5673. The short term levels to be watched are 5821-5859-5898(pivot)-5936-5975. Intraday traders can look at the levels on spot nifty given below to trade on Wednesday
No trade between 5870 and 5908(To avoid whipsaws)
Buy above 5908 sl of 5888
targets 5927-5946(add positions, breakout on the upside),
5965-5984-6003-6022-6041.
Sell below 5870 sl of 5890
targets 5851-5832(add positions,breakout on the downside)
5813-5794-5775-5756-5737.
Happy Trading !!!
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