Nifty futures made a new low at 5748.80 and then recovered for the day to hit a high of 5817.45 and closed the day at 5797.70. Nifty futures need a close above the level of 5827 to start any recovery and should not close below this level again for momentum on the upside. On charts it took support for intraday at the first gap. RSI is still not showing any momentum. MFI is sideways but still holding the levels which shows the buying has happened earlier but no fresh commitments are being made. It would be prudent to watch this indicator for further clues. Any sell-off if it happens will be shown it here first. Levels are the same for the trend given earlier. Intraday traders can look at the levels on spot nifty given below to trade on Thursday the last day of this February series.
Spot Nifty Levels for Trading on Thursday :
No trade between 5778 and 5816(To avoid whipsaws)
Buy above 5816 sl of 5796
targets 5835-5854(add positions, breakout on the upside),
5873-5892-5911-5930-5949.
Sell below 5778 sl of 5798
targets 5759-5740(add positions,breakout on the downside)
5721-5702-5683-5664-5645.
Happy Trading !!!
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