Nifty futures opened today at 6071 and made a new high for the series at 5120 and then witnessed sell off for the day to make a low of 6040 and closed shops at 6049.80. The 6050 level is acting as a magnet for futures. Again the lower end of the channel being hit for the fourth time. The futures made a new high which is to be noted. Also the aqua line from where the breakout took place is still below the price action. It would be prudent to watch this aqua line and the rising channel for further clues. Option writer had a field day with wild swings throughout the day with 6100CE for Jan 2013 making a high of 44 and closing the day at 9.70, a loss of nearly 78% in premium from the highs. The bigger range on futures looks to be 5975 to 6129 as we touched 6120 today. The pivot is at 6052 on the futures. Also 6129 was our third monthly target for this series if your are reading the blog regularly. You may use the levels given for monthly series for regular profit booking around it. Intraday traders can use the levels on spot nifty given below to trade on Tuesday.
Spot Nifty Levels for Trading on Thursday :
No trade between 6030 and 6069(To avoid whipsaws)
Buy above 6069 sl of 6049
targets 6088-6107(add positions, breakout on the upside),
6126-6145-6164-6183-6202.
Sell below 6030 sl of 6050
targets 6011-5992(add positions,breakout on the downside)
5973-5954-5935-5916-5897.
Happy Trading !!!
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