Another gap with consolidation at the top end of the range was the norm for the day on nifty futures. It faced resistance at the 5850 level and closed the day at 5846.50. The close is above the monthly pivot which shows some promise for further recovery. On charts price action is still within the price channel and we need to breakout of it for further momentum. MFI is still continuing the rising trend above the trend line and needs to be watched for further clues. RSI is hitting the resistance levels of 55 from where it turned down. RSI should cross this resistance for further momentum. Above 5815 we have intermediate resistance at 5886 and then major one at 5956. Downside may start if 5815 is broken again and support at 5684 level. Intraday traders can use the levels given below on spot nifty to trade on Thursday.
Spot Nifty Levels for Trading on Thursday :
No trade between 5800 and 5838(To avoid whipsaws)
Buy above 5838 sl of 5818
targets 5857-5876(add positions, breakout on the upside),
5895-5915-5934-5953-5972.
Sell below 5800 sl of 5820
targets 5781-5762(add positions,breakout on the downside)
5743-5724-5705-5686-5667.
Happy Trading !!!
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