Nifty futures opened in red and remained red for the day after forming a new low at 5552.80 and closed the day and week at 5560.15. On price we see the falling channel held and we are at the bottom of the channel. On chart the critical level is marked and we need to stay above it for any recovery hopes. We are in downtrend below the monthly pivot level of 5757. Currently we are near to our monthly support level no 1 at 5524. If we maintain this level and stay above it, we have intermediate resistance at 5640 and then big resistance at 5757. All recovery chances can be thought above this levels of 5757 for the trend players. If we go below the level of 5524 then intermediate support is at 5447 and monthly support level no 2 is at 5371. On the indicators, RSI is struggling at 34 level after hitting briefly the 55 level. It needs to stay above the 34 level and dips below this level could take it to 21 levels, the earlier low. On MFI we are just below the 20 level and for any recovery we should stay above 20 level and try to cross the 40 level and hit up to 60 level which was hit earlier on it. 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 5535 and 5572(To avoid whipsaws)
Buy above 5572 sl of 5552
targets 5591-5610(add positions, breakout on the upside),
5639-5658-5677-5696-5715.
Sell below 5535 sl of 5555
targets 5516-5497(add positions,breakout on the downside)
5476-5457-5438-5419-5400.
Happy Trading !!!
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