Nifty futures opened with a gap up to touch a high of 5869.45 and then went in the negative to hit a bottom at 5736.55 and closed the day at 5753 to show some recovery from the lows. The break of monthly pivot was negative which was reiterated here. Hope followers would have made handsome profits for the day. The low of 5678.10 on 04.03.2013 is critical now and needs to held for any chances of recovery. The intermediate resistance level for this series at 5683.50 and support of level 1 is at 5552. The indicators had turned negative on Monday and continue the trend down. RSI has supports at 28 level and MFI has supports at 12 as seen in chart above. Intraday traders can look at the levels on spot nifty given below to trade on Wednesday.
Spot Nifty Levels for Trading on Wednesday :
No trade between 5727 and 5765(To avoid whipsaws)
Buy above 5765 sl of 5745
targets 5784-5803(add positions, breakout on the upside),
5822-5841-5860-5879-5898.
Sell below 5727 sl of 5747
targets 5708-5689(add positions,breakout on the downside)
5670-5651-5632-5613-5594.
Happy Trading !!!
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