Nifty Futures opened in green and stayed in the green for the day barring two instances of dipping below the close line to close the day at 5553.70. We have closed above the monthly support level of 5524 which is first sign of positiveness by futures. So trend players can watch this level of 5524 if taken longs today.
(15 min charts for futures with levels)
Now futures need to show some strength by closing above the intermediate level of 5640 level. But one thing to be kept in mind is we are in downtrend till the level of 5757 is not crossed. Intraday traders can look at the levels on spot nifty to trade on Thursday given below.
Spot Nifty Levels for Trading on Tuesday :
No trade between 5540 and 5577(To avoid whipsaws)
Buy above 5577 sl of 5557
targets 5596-5615(add positions, breakout on the upside),
5634-5653-5672-5691-5710.
Sell below 5540 sl of 5560
targets 5521-5502(add positions,breakout on the downside)
5483-5464-5445-5426-5407.
Happy Trading !!!
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