Nifty futures opened today with a small gap up made a new high of 6109 and then gave the gains in the afternoon to make a low of 6054.50 and closed the day at 6061.25. The net loss from the high made today is 48 points. The low of the day was near our second monthly level of 6052 if you had noticed. So for tomorrow this level is important because going below this level the momentum will be lost. Monthly pivot is still below at 5898 the level where change in trend may occur. Support at 5975 and resistance at 6129 on futures.If futures move below 6052 it can go to 5975 and above 6129 it can go up to 6180. Intraday traders can look at the levels on spot nifty given below to trade on Wednesday.
Trade Levels for Wednesday :
No trade between 6029 and 6068(To avoid whipsaws)
Buy above 6068 sl of 6048
targets 6087-6116(add positions, breakout on the upside),
6135-6154-6173-6182-6201.
Sell below 6029 sl of 6049
targets 6010-5981(add positions,breakout on the downside)
5962-5943-5924-5905-5886.
Happy Trading !!!
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