Nifty Futures is sideways between the levels of 5971 and 5837. We have already seen the range movement between this levels twice in recent past. So trend players need to watch these levels for break out. Important levels are marked on chart for observation. On indicators we see RSI hitting resistance and currently below 55 level. Momentum on RSI above 55 and subsequently above 68 for acceleration. MFI has broken the rising trend line which is negative and create doubts for further recovery on weekly close. For further momentum MFI should move above level of 60. Intraday traders can look at the levels on spot nifty given below to trade on Monday.
Spot Nifty Levels for Trading on Monday :
No trade between 5853 and 5892(To avoid whipsaws)
Buy above 5892 sl of 5872
targets 5911-5930(add positions, breakout on the upside),
5949-5968-5987-6006-6025.
Sell below 5853 sl of 5873
targets 5834-5815(add positions,breakout on the downside)
5796-5777-5758-5739-5720.
Happy Trading !!!
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