Nifty futures opened with a small gap up and then dipped in red to make a higher low of 5770 and then again turned to green to make a higher high of 5852 and closed the day at 5847.75. On charts futures recovery is on with the test coming at channel top. Now the support level of 5910.35 will be the resistance and intermediate level of 5803.55 will be the support. On indicators front, RSI has moved up at 44.2 from 34 levels having resistance at 55. MACD is yet to turn up and MFI is flat so some worries here for trend. MFI has to confirm the up trend. Intraday traders can look at the levels on spot nifty given below to trade on Tuesday.
Spot Nifty Levels for Trading on Tuesday :
No trade between 5831 and 5869(To avoid whipsaws)
Buy above 5869 sl of 5849
targets 5888-5907(add positions, breakout on the upside),
5926-5945-5964-5982-6001.
Sell below 5831 sl of 5851
targets 5812-5793(add positions,breakout on the downside)
5774-5755-5736-5717-5698.
Happy Trading !!!
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