Nifty futures had a huge run today again but on the upside trapping the shorts out of the system. Nifty futures a new swing high at 6168.90 and closed the day at the higher end of the daily swing at 6161.00. The monthly resistance no 1 of 6063 was the level to watch for reversal and we are above it nearly 100 points on the future. We have crossed the intermediate resistance of 6139 and above it we have the second monthly level at 6216.00. So for tomorrow to be positive for intraday futures should stay above 6139. Trend traders can watch the level of 6063 as stop loss for the rise. MACD is strong in the indicator bunch. RSI has reversed and is at 68 levels. MFI is still down and needs to show some strength now to provide momentum for the trend. Intraday traders can use the levels spot nifty given below to trade on Thursday.
Spot Nifty Levels for Trading on Thursday :
No trade between 6127 and 6166(To avoid whipsaws)
Buy above 6166 sl of 6146
targets 6185-6204(add positions, breakout on the upside),
6223-6242-6261-6280-6299.
Sell below 6127 sl of 6147
targets 6108-6089(add positions,breakout on the downside)
6070-6051-6032-6013-5994.
Happy Trading !!!
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