Nifty futures opened in green to day and nearly stayed above the line for the day. On charts we see futures staying within the channel which is positive for it and try to attempt to reach the top of the channel. The divergence is seen in RSI and RSI needs to cross the resistance of 55 for the move to gather strength. MFI is not supporting as it moved in opposite direction today after making a top in morning. MFI should support this move to add strength to it else it may move sideways. Trend players need to watch the level of 5757 for strength. Intraday traders can look at the levels on spot nifty given below to trade on Tuesday.
Spot Nifty Levels for Trading on Tuesday :
No trade between 5686 and 5723(To avoid whipsaws)
Buy above 5723 sl of 5703
targets 5742-5761(add positions, breakout on the upside),
5770-5789-5808-5827-5846.
Sell below 5686 sl of 5706
targets 5667-5648(add positions,breakout on the downside)
5629-5610-5591-5572-5553.
Happy Trading !!!
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