Nifty future is facing resistance at 6060 and is unable to cross it. Today it hit the resistance at 6059 and then gave up the gains to close at 6016.15 so a loss of 36 points from the high. The last four trading days have been at 6049.90,6058.15,6052.50 and 6059 which clearly shows the resistance. Now we need to cross the level of 6060 to be positive on nifty futures. The low for this series is at 5930 now this level be critical for this trend. If nifty futures sustain below 6000 we may see correction up to 5930. The pivot for Jan series is at 5898 which is the next level below 5930 to be watched. The range between 5975 to 6050 will the range of consolidation after this move. So for tomorrow watch 5975 on the downside side and 6050 on the upside. The indicators are mixed bag with RSI showing divergence and MFI is also showing a small divergence. Price is supreme while working with divergences as they give results or not. So always try to work on levels. Intraday traders can look at the levels on spot nifty given below to trade on Tuesday.
Trade Levels for Tuesday :
No trade between 5969 and 6008(To avoid whipsaws)
Buy above 6008 sl of 5988
targets 6027-6046(add positions, breakout on the upside),
6065-6084-6103-6122-6141.
Sell below 5969 sl of 5989
targets 5950-5931(add positions,breakout on the downside)
5912-5893-5874-5855-5836.
Happy Trading !!!
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