Apologies for no posts for past few days been on vacation. Lets see where we are currently on Nifty futures. Monthly pivot at 5757 for futures so we are positive on the trend above it. Intermediate resistance at 5834 so above it again positive. The level one resistance is at 5910 which can be achieved if we cross the level of 5872 on the futures. On charts of futures we see the futures are top of the channel see we need to cross and sustain above it for further momentum.This channel top could be a resistance to reckon with for futures. Some levels as per this software are marked on chart are to be watched for further clues. On indicators RSI has moved above the level of 55 and needs to sustain above it with resistance at 68. MFI is at previous highs at 60 levels and needs to cross it for further upside. MACD is at crucial levels near the zero level and needs to cross and sustain above it for more positiveness. Watch the vertical line marked when it went below zero and change in trend from thereon. Trend players can use the levels given above to trade further. Intraday players can use the levels given below on spot nifty to trade on Tuesday.
Spot Nifty Levels for Trading on Friday :
No trade between 5815 and 5855(To avoid whipsaws)
Buy above 5855 sl of 5835
targets 5874-5893(add positions, breakout on the upside),
5911-5930-5949-5968-5987.
Sell below 5815 sl of 5835
targets 5796-5777(add positions,breakout on the downside)
5758-5739-5720-5701-5682.
Happy Trading !!!
Thanks KBR
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