Nifty futures opened in the green and then then dipped in red to form a low at 5936.10 and then recovered for the day to close at 5990.90. The low was near to our 5918 intermediate support. Now we need to watch the level of 6063 which is our level one resistance for this series. In between this levels we may see a sideways move with some consolidation. The downside needs to be watched at 5918 because below this level we have our monthly pivot coming at 5772.
Another chart for futures showing the Bollinger Bands with supports and resistance on hourly time frame. The level one resistance at 6121 and support at 5751 and pivot at 5940. Watch all the indicators showing negative divergence for the impulse move. Trend players can use the levels above for trend following. Intraday traders can look at the levels on spot nifty given below to trade on Monday.
Spot Nifty Levels for Trading on Monday :
No trade between 5964 and 6003(To avoid whipsaws)
Buy above 6003 sl of 5983
targets 6022-6241(1add positions, breakout on the upside),
6060-6079-6098-6117-6136.
Sell below 5964 sl of 5984
targets 5945-5926(add positions,breakout on the downside)
5907-5888-5867-5848-5829.
Happy Trading !!!
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