Nifty futures have moved out of the range of 5975 to 6050 with today's close at 6064. Readers of the blog may have been saved the pain of stop losses being hit between these levels if they had followed the advice. The range of 75 points above the level of 6050 has opened now and may target the zone of 6125-6200 levels. The ride may not be easy for nifty futures as it is approaching the resistance zone of 6150-6200. So just work on levels to take home profits. On charts we see the futures hitting the top of channel and reversal on that hit. The channel is from 5830 to 5960 on this chart so we may expect a channel target of 6190 on sustaining above the 6125 levels. Raise the stop loss to 6050 on longs and be ready to enter again and again on hits of stop loss at this level and price moving above it. Intraday traders can look at the levels on spot nifty given below to trade on Tuesday.
Trade Levels for Tuesday :
No trade between 6005 and 6043(To avoid whipsaws)
Buy above 6043 sl of 6023
targets 6062-6081(add positions, breakout on the upside),
6100-6119-6138-6157-6176.
Sell below 6005 sl of 5985
targets 5984-5965(add positions,breakout on the downside)
5946-5927-5908-5889-5870.
Happy Trading !!!
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