Nifty futures opened today at 6071 above our intermediate resistance and moved up to make a high of 6127 and closed the day at 6112. The level one resistance of 6139 is the hurdle and closing above it will be positive.On chart we have sustained above the critical level marked. Now we need to cross and stay above the red line fr further recovery. RSI and MFI both are not showing strength. MACD is also forming a top but still early to comment on it. Trend players can use the main levels given earlier. Intraday traders can use the levels on spot nifty given below to trade on Wednesday.
Spot Nifty Levels for Trading on Wednesday :
No trade between 6092 and 6131(To avoid whipsaws)
Buy above 6131 sl of 6111
targets 6150-6169(add positions, breakout on the upside),
6188-6207-6226-6245-6264.
Sell below 6131 sl of 6151
targets 6112-6091(add positions,breakout on the downside)
6072-6053-6034-6015-5996.
Happy Trading !!!
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