Nifty futures could not cross the Friday's high of 5922.80 and reversed from the intraday high of 5907.70. But coming down has not broken Fridays low of 5871.90 and closed at 5889.35 with a loss of nearly 25 points. The December series opened at 5891.10 and the low was at 5868.05. The low made in this correction below this low at 5865.30 and we are currently above it. One should keep this low in mind for judging the trend. The level of 5928 is critical for futures to make any significant recovery. The positive close on Friday did not give impetus to the trend which is moving sideways. Still on charts we are at the lower end of the aqua channel and nearing the yellow channel bottom by moving sideways. Last recovery started by breaching the yellow channel intraday. Now we need watch the action of futures near this yellow channel bottom for further clues. Indicators are also sideways and no divergence is observed yet so things are quiet on the index. Intraday traders can look at the levels on spot nifty given below to trade on Tuesday.
No trade between 5839 and 5877(To avoid whipsaws)
Buy above 5877 sl of 5857
targets 5896-5915(add positions, breakout on the upside),
5934-5953-5962-5981-6000.
Sell below 5839 sl of 5859
targets 5820-5801(add positions,breakout on the downside)
5782-5763-5744-5725-5706.
Happy Trading !!!
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