Nifty futures opened weak for the start of the week at 5628 and it was the high of the day. The futures then corrected to a level of 5556.60 and some recovery was seen at the end of the day with the close at 5600. The net loss was at 62 points from Friday's close. On charts we have again hit the bottom of the channel and bounced back. For recovery we need to break out of this falling channel. Indicators do not show any recovery signs yet so playing for the channel tops and bottoms is the strategy. Trend players can be positive above 5697 with supports at 5508 and resistance at 5804. 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 5572 and 5609(To avoid whipsaws)
Buy above 5609 sl of 5589
targets 5628-5647(add positions, breakout on the upside),
5666-5685-5704-5723-5742.
Sell below 5572 sl of 5592
targets 5553-5534(add positions,breakout on the downside)
5515-5496-5477-5458-5439.
Happy Trading !!!
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