Nifty futures broke critical level marked on chart above. Also broke down out of the channel which is impulsive move. Our monthly support level no 1 was at 5524 and it was broken today and we closed below it at 5495.85. So now for intraday the resistance is at 5524 and recovery possible above that for the day. Trend level below this is 5371 with intermediate supports at 5447. The intermediate resistance above 5524 is at 5640 for trend players. The monthly pivot at 5757 is major resistance now and trend will be positive above it. Intraday traders can look at the levels on spot nifty given below to trade on Wednesday.
Spot Nifty Levels for Trading on Tuesday :
No trade between 5477 and 5514(To avoid whipsaws)
Buy above 5514 sl of 5494
targets 5535-5556(add positions, breakout on the upside),
5577-5598-5617-5638-5659.
Sell below 5477 sl of 5497
targets 5458-5439(add positions,breakout on the downside)
5420-5401-5382-5363-5344.
Happy Trading !!!
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