Nifty futures remained in the green zone after initial sideways mode but gave up the gains at the end of the day to close at 5608.30. The low today at 5568.55 was higher than the low on Monday at 5556.60 and also the high of today at 5667.55 was higher than high on Monday at 5628. The Friday high of 5682 if crossed tomorrow will open the rise up to 5750-5830-5867 levels. For this the low of 5556.60 should not be broken. On charts we see the price action within the channel so no immediate danger to the downside.
Above hourly chart for futures if we sustain above the red line within the falling yellow channel we try to hit the top of the channel. RSI needs to cross the 55 level for momentum. MACD should move above the zero and sustain above it on this time frame. MFI is showing positive divergence lets us observe if it materialises soon. Use the levels given below to trade with divergence for maximum results.
Spot Nifty Levels for Trading on Wednesday :
No trade between 5590 and 5628(To avoid whipsaws)
Buy above 5628 sl of 5608
targets 5647-5666(add positions, breakout on the upside),
5685-5704-5723-5742-5761.
Sell below 5590 sl of 5610
targets 5571-5552(add positions,breakout on the downside)
5533-5514-5495-5476-5457.
Happy Trading !!!
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