Nifty futures had a choppy day and opening gap down and staying in the red for the whole day with a brief green in the midst of it. The close is at 5811 and is above the the level of 5803. The consolation is we made a higher high at 5867.40 and higher low at 5800.20. So tomorrow we need to observe this level no 1 support of 5803 for this series. Staying above this level may see another attempt for recovery with resistance at 5910. On indicator's front we have RSI up and MFI showing some signs of participation but needs more confirmation. MACD is yet to reverse and is below the neutral level of zero. Intraday traders can watch the levels on spot nifty given below to trade on Wednesday.
Spot Nifty Levels for Trading on Wednesday :
No trade between 5795 and 5830(To avoid whipsaws)
Buy above 5830 sl of 5810
targets 5849-5868(add positions, breakout on the upside),
5887-5906-5925-5944-5963.
Sell below 5795 sl of 5815
targets 5776-5757(add positions,breakout on the downside)
5738-5719-5700-5681-5662.
Happy Trading !!!
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