Nifty futures again gave up the gains at the end of the day to close at 5577.55 at the lows of the day which was at 5571. Price failed to move towards the top of the channel. Indicators are not showing any momentum to support the price action. Still the low of Monday is till protected on the downside and which will be critical for the recovery as and when it happens. For expiry the fight seems between the 5600 levels of puts and calls(above 5600 ?). Recovery seems to be after expiry looking at the built at 5700CE levels.
Above chart shows Murrey maths levels for hourly futures. 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 Thursday.
Spot Nifty Levels for Trading on Thursday :
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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