Some respite in the intensity of the fall on futures saw it recovering some losses to the end of the day. The low of today was at 5715 which was just below our monthly level 1 support of 5739.25. So level 1 target achieved today. Earlier we had level 1 resistance target achieved at 6007.40. Now we are above the level 1 support of 5739.25 with the close at 5776.15. So if we sustain above 5739.25 we could expect the pivot of 5923.25 as resistance. If we break down this level then next intermediate support comes at 5655.15. So watch these levels given for this time frame.
Nifty futures 4 hourly chart with MM levels saw the level of 5781 broken and hit the level of 5703 nearly with actual low at 5715. So below 5703 we continue the down trend. Between 5703 and 5781 we are sideways and above 5781 we start the recovery with initial resistance at 5859 and then 5938. So watch these levels for this time frame.
On the hourly futures we see the price action hitting the green symmetrical channel bottom and then reversing. So watch this channel bottom, if not broken then we could move to the horizontal line shown on chart as resistance. The vertical lines show the positive divergence seen on all indicators with MFI being the prominent one. So use the green channel for trading on this time frame.
Intraday traders can use the levels on spot nifty given below to trade on Thursday.
Spot Nifty Levels for Trading on Thursday :
No trade between 5723 and 5761(To avoid whipsaws)
Buy above 5723 sl of 5761
targets 5780-5799(add positions, breakout on the upside),
5818-5837-5856-5875-5894.
Sell below 5723 sl of 5743
targets 5704-5685(add positions,breakout on the downside)
5666-5647-5628-5609-5590.
Happy Trading !!!
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