Nifty futures made a new swing low at 5641.95 and closed the week at 5668.40. The current pivot was at 5815 and it was negative below this level. For any recovery in the three days left will face huge resistance at this level if it moves up to here. The monthly support for this series was at 5552 and intermediate support was at 5684. So for the remaining days if futures stays above 5684 then we could see recovery up to 5815. On charts we see price has made new low and closed below the earlier swing low. RSI is near support levels and MFI is showing positive divergence but price is supreme. So MFI needs to be watched carefully and RSI should stay above 34 for any recovery with resistance at 55. 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 5633 and 5670(To avoid whipsaws)
Buy above 5670 sl of 5650
targets 5689-5708(add positions, breakout on the upside),
5727-5746-5765-5784-5803.
Sell below 5633 sl of 5653
targets 5614-5595(add positions,breakout on the downside)
5576-5557-5538-5519-5500.
Happy Trading !!!
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