Nifty futures were in the positive for the whole day which is good start for the week. Tomorrow we have some astrological significance whose effect will be seen in markets. The time zone for this significance could up to 30.01.2013 and needs to be observed and confirmed along with the technicals. Today we made a new high at 6107.50 and closed at 6096.45 which is very close to the earlier high. The third monthly target for nifty futures are at 6129 which may act as stiff resistance. On charts both the indicators look to be squeezed between converging lines, so break on either side will confirm the trend. The price is supreme so pay attention to it and work on the levels given for the day. Intraday traders can look at the levels on spot nifty to trade on Tuesday.
Trade Levels for Tuesday :
No trade between 6063 and 6102(To avoid whipsaws)
Buy above 6102 sl of 6082
targets 6121-6140(add positions, breakout on the upside),
6159-6178-6197-6216-6235.
Sell below 6063 sl of 6083
targets 6044-6025(add positions,breakout on the downside)
6006-5985-5966-5945-5926.
Happy Trading !!!
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