Nifty futures started the July series with a bang a huge gap up and then sustaining the gains of the day throughout the day. The close of week is at 5832.60 way up from the lows at 5556.60 in last series. We had observed the pivot for this series at 5786 and we got a close above it. So trend is positive for now and trend players may have got in at that level. Trend players can watch this level to hold positions with a suitable stop loss. For trend players the intermediate resistance is at 5901 so this level will be critical for them. On charts we see a breakout of the falling channel a welcome sign of relief for the bulls. Also all bottoms on charts marked in red arrows are higher bottoms so trend looks positive yet.
Above hourly chart shows the MM levels for futures. On it we have supports at 5820 and resistance at 5859 and 5898. The level of 5859 is critical as last swing high was near to it. Below 5820 we have support at 5780 which is very near to our monthly pivot level. In all the levels of 5860-5900(current high at 5852 on Friday) look the deciding levels for the current trend. Observations on 27.06.2013 view are given here for reference. "We hit the 8/8 level nearly to complete the top and seem to be fighting for the 0/8 level of 5625. Closing above this level is important to start a recovery. Below this we have support at 5547 and above this resistance at 5703. So sustaining above the 1/8 level of 5703 we could see recovery up to 4/8 level of 5938 if it is a strong recovery."
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 5823 and 5861(To avoid whipsaws)
Buy above 5861 sl of 5841
targets 5880-5899(add positions, breakout on the upside),
5918-5937-5956-5975-5994.
Sell below 5823 sl of 5843
targets 5804-5785(add positions,breakout on the downside)
5766-5747-5728-5709-5690.
Happy Trading !!!
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