Nifty futures the closed the week at 5889 after opening in the red and staying in the red for the day. The resistance of 5910 of level one is critical and staying above it will be positive for the trend. Intraday level to watch on futures will be 5872 below which will be negative for the day. Below 5872 the level of 5828 will be the level to watch. Price action has moved out of the falling channel which is positive. On the indicator MFI has reached near the 80 levels which has been a stiff resistance in recent past. RSI is near another resistance level of 68 and needs to stay above it for further momentum. MACD has turned positive for the first time after 13.02.2013 and needs to be watched with interest. Intraday traders can watch the levels on spot nifty given below to trade on Monday.
Spot Nifty Levels for Trading on Monday :
No trade between 5852 and 5891(To avoid whipsaws)
Buy above 5891 sl of 5871
targets 5910-5929(add positions, breakout on the upside),
5948-5967-5986-6005-6024.
Sell below 5852 sl of 5872
targets 5833-5814(add positions,breakout on the downside)
5795-5776-5757-5738-5719.
Happy Trading !!!
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