Nifty futures opened on a negative note with a gap down and could not close the gap. Futures low today was at 5858 and close was at the lower end of the day at 5860.20. The support of 5815 is very near which our monthly pivot. Below this level of 5815 one can be negative on the index with suitable stop loss. Recovery for intraday may be possible after sustaining above 5886 and intraday resistance at 5936. This month those who used the levels must have had good profits as this is the third time we may hit the R1 (5956) and Pivot (5815) levels. Discipline is the key after homework is over to survive in markets. Trend players can use the major levels given at the start of series. Intraday traders can look at the levels on spot nifty given below to trade on Thursday.
Spot Nifty Levels for Trading on Thursday :
No trade between 5832 and 5870(To avoid whipsaws)
Buy above 5870 sl of 5850
targets 5889-5908(add positions, breakout on the upside),
5927-5946-5965-5984-6003.
Sell below 5832 sl of 5852
targets 5813-5794(add positions,breakout on the downside)
5775-5758-5739-5720-5701.
Happy Trading !!!
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