Nifty futures had a expiry at 6034.75 with a net gain of 164.65 points from the Dec 2012 settlement at 5870.10. The pivot of Jan 2013 at 5898 there is increase of 130 points with the pivot of Feb 2013 coming at 6028. The close for Feb 2013 futures is at 6067.20 which is above the pivot. The stop loss for this series longs comes to 5936. The resistances for the month of Feb 2013 are at 6126.50-5218.25-6408.25. The supports for Feb 2013 are at 5936.50-5838.25-5648.25. The short term trading levels on futures upside are 6077-6126-6172 and on the downside are 5982-5936-5887 with 6028 being the pivot. On charts we are still at the bottom of the channel and consistently hitting it on regular basis. This shows lack of momentum by the futures by lingering at the bottom of the channel. But as long as this channel is maintained by price action we are positive on the futures. Try to work on the levels given for the month and short term to generate regular profits. The range of RSI is baffling as its been squeezed and any breakout may give the momentum on either side. MFI is recovering from lows so some support is coming at lower levels. Intraday trader can use the levels given below on nifty futures to trade on Friday.
Nifty Futures Levels for Trading on Friday :
No trade between 6048 and 6088(To avoid whipsaws)
Buy above 6088 sl of 6068
targets 6107-6126(add positions, breakout on the upside),
6145-6164-6183-6202-6221.
Sell below 6048 sl of 6068
targets 6029-6010(add positions,breakout on the downside)
5991-5972-5953-5934-5915.
Happy Trading !!!
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