Nifty futures had a pause to the rise and moved sideways for the day with some damage of 29 points. The level of 5901 of intermediate resistance for this series has proved to be the initial resistance to this move. Sustaining above the level of 5859 is the key for further upside. On daily charts there is nothing negative yet for the trend. RSI has hit the resistance of 55 and taken a pause there. MFI is strong and up. MACD is trying to turn around to form a bottom. Awesome indicator is green so trend is likely to continue.
On hourly chart of MM levels the 5898 level was the resistance. We need to cross the level of 5898 for further up move with 5938 and 5977 as the resistance. Supports are 5859 and 5820.
The hourly chart above with awesome indicator shows short term negativity with red bars continuing on it. MFI has come down after hitting a high of 98.38. RSI has just closed below the 68 level after hitting a high of 78.59. MACD has formed a peak. So trend is sideways here due to lack of momentum . The price is within the rising channel marked on chart and needs to be watched for breach of the channel for negativity settling in.
Intraday traders can use the levels on spot nifty given below to trade on Wednesday.
Spot Nifty Levels for Trading on Tuesday :
No trade between 5838 and 5877(To avoid whipsaws)
Buy above 5877 sl of 5857
targets 5896-5915(add positions, breakout on the upside),
5934-5953-5972-5991-6010.
Sell below 5838 sl of 5858
targets 5819-5800(add positions,breakout on the downside)
5781-5762-5743-5724-5705.
Happy Trading !!!
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