Nifty futures continued the recovery after opening with a gap up but closed at 5074.85 nominally below the open of 5075. Nifty futures have bounced back from the aqua line shown in chart and made a higher low. But it is yet to cross the earlier of 5096 as it could not go above it on Friday. But a strong close for the week at 5074.85. Continuing within the bigger channel augers well for the trend which is currently up. So till there is no confirmed reversal we may look for higher values for futures. Lets us revise the monthly levels for Jan 2013. The monthly pivot was at 5898. The resistances were at 5975-6052-6129. The supports are at 5821-5717-5673. The low for this series is at 5930 made on 28 December 2012. We have consistently crossed the 6000 and closed above it. So the level to watched critically is 6129 our third monthly target. This needs to be crossed for further momentum. Intraday Traders can look at the levels on spot nifty to trade on Monday.
Trade Levels for Monday :
No trade between 6045 and 6084(To avoid whipsaws)
Buy above 6084 sl of 6064
targets 6103-6122(add positions, breakout on the upside),
6141-6160-6179-6198-6217.
Sell below 6045 sl of 6065
targets 6026-6009(add positions,breakout on the downside)
5991-5972-5953-5934-5915.
Happy Trading !!!
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