Nifty futures opened with a gap up at 5732.55 and stayed put there without closing the gap and crossed the 5800 level to close at 5801. The move is within the falling the channel so we need confirmation of the strength of the move which will be by break out of the channel. On the RSI we saw some strength today but it should move above the level of 55 marked on charts for sustained momentum. MFI has been the only indicator showing strength is supported by the rising trend line and it should break above the earlier high i.e. the level of 60. The monthly pivot is at 5815 for the futures and is the next hurdle. One can be positive for March series above this level of 5815 on futures with suitable stop loss. Intraday traders can look the levels on spot nifty to trade on Wednesday.
Spot Nifty Levels for Trading on Wednesday :
No trade between 5765 and 5803(To avoid whipsaws)
Buy above 5803 sl of 5783
targets 5822-5841(add positions, breakout on the upside),
5860-5879-5898-5917-5936.
Sell below 5765 sl of 5785
targets 5746-5727(add positions,breakout on the downside)
5708-5689-5670-5651-5632.
Happy Trading !!!
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