Nifty futures opened in the green and stayed in green for the day except for two blips below in red and yet closed towards the lower end of the range. We mad a new lower bottom at 5980.50 and closed at 6009.75. The resistance of 6063 was not touched today and needs to be keenly watched. Today did not go below 5970 so was positive for the day above it. Again for tomorrow watch 5970 level for more downside if breached. MFI has been the early indicator to reverse and gave early warning signs. RSI is down nearly at 55 level below this level it may have more downside. MACD is yet to reverse but always late in signal. Intraday traders can use the levels on spot nifty given below to trade on Wednesday.
Spot Nifty Levels for Trading on Tuesday :
No trade between 5976 and 6015(To avoid whipsaws)
Buy above 6015 sl of 5995
targets 6034-6053(add positions, breakout on the upside),
6072-6091-6110-6129-6148.
Sell below 5975 sl of 5995
targets 5956-5937(add positions,breakout on the downside)
5918-5899-5880-5861-5842.
Happy Trading !!!
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