March series ended in negative for nifty futures at 5682 as there was some recovery on the last day of the series. The futures touched a new low of 5604 on the last day and recovered strongly for the intraday close. The divergence on both indicators worked for intraday. On charts we see a well channeled move till date. As long as it stay between the channel recovery may continue to the top of channel. The monthly levels for April series are pivot at 5757 with resistance levels at 5910 and 6026 and supports at 5641 and 5524. Currently we are below the pivot of 5757 so we are not out of the woods for the futures. Trend players can take positions with suitable stop loss above the pivot level of 5757 for targets at resistance levels as per their risk profile. Intraday players for Monday can be positive above the level of 5698 with targets of 5757. On the downside it will be negative below 5640 for intraday with targets upto 5582. Intraday traders can watch the levels on spot nifty given below to trade on Monday.
Spot Nifty Levels for Trading on Monday :
No trade between 5664 and 5701(To avoid whipsaws)
Buy above 5701 sl of 5681
targets 5720-5739(add positions, breakout on the upside),
5758-5777-5796-5815-5834.
Sell below 5664 sl of 5684
targets 5645-5626(add positions,breakout on the downside)
5607-5582-5563-5544-5525.
Happy Trading !!!
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