Nifty futures moving again within the range with the close above 6052 after making a low at 6028.20. Futures moving sideways traps the option buyers who hold them for nifty level targets and option writers have a field day with both the calls and puts in red or minuscule profits at the end of this sideways move. The range remains same as mentioned yesterday from 5975 to 6129 with 6052 as pivot on futures. The zone to watch on charts is being squeezed as we are nearing the channel bottom but still above the aqua line. The indicators also show the squeeze on RSI and MFI breaking out of it. So patience will be tested with moves on either side with false breakouts. Intraday traders can look at the levels on spot nifty to trade on Thursday.
targets 6093-6113(add positions, breakout on the upside),
6132-6152-6172-6191-6211.
Sell below 6035 sl of 6055
targets 6015-5996(add positions,breakout on the downside)
5977-5957-5938-5919-5900.
Trade Levels for Thursday :
No trade between 6035 and 6074(To avoid whipsaws)
Buy above 6074 sl of 6054
targets 6093-6113(add positions, breakout on the upside),
6132-6152-6172-6191-6211.
Sell below 6035 sl of 6055
targets 6015-5996(add positions,breakout on the downside)
5977-5957-5938-5919-5900.
Happy Trading !!!
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