Nifty futures opened at 5960 made a high of 5973.45 and then move sideways till afternoon. Late in afternoon turned red to make a new low at 5900 and closed the week at 5913.25. The monthly support level was at 5936.50 which was breached by it and we got a weekly close below it. So on Monday for any recovery to happen we should be above 5936.50 then resistance at 5982-6028. Below the level of 5936.50 our first monthly support is negative for the Index. We have second monthly support coming at 5838.25. The intermediate levels on futures to watch are 5887.30 and 5838.25. On charts of spot nifty above we see that we are at bottom of regression channel. The GMMA bunch of short term is piercing the long term now . Earlier this bunch was well above the long term. Some past instances of recovery from those levels have been marked on chart. MFI showed the selling happening early on the index. Monday intraday traders can look at the levels on spot nifty given below.
Spot Nifty Levels for Trading on Monday :
No trade between 5884 and 5923(To avoid whipsaws)
Buy above 5923 sl of 5903
targets 5942-5961(add positions, breakout on the upside),
5980-5999-6018-6037-6056.
Sell below 5884 sl of 5904
targets 5865-5846(add positions,breakout on the downside)
5827-5808-5789-5770-5751.
Happy Trading !!!
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