Nifty futures opened in green for Friday stayed in green all day to make a new high of 5901 and closed at the higher end of the range at 5875. Now we need to sustain above the monthly resistance level no 1 of 5901 we hit for the nearly for the second time for further recovery. RSI is at resistance level of 55 and needs to sustain above it. MFI is rising and good for the trend provided it crosses the 60 level and sustains above it. MACD is returning to the neutral level of zero. Awesome oscillator is showing green so trend is positive on this time frame.
On hourly MM levels chart we hit the resistance of 5898 and closed below it. We need to sustain above this level of 5898. We have resistance of 5938 and 5977 above and supports at 5859 and 5820. Staying below 5820 will be negative for the trend.
On the hourly time frame with awesome oscillator we see a first red bar near the zero level. The looks neutral here will depend open with continuation of red or green. MFI is rising and near the 80 levels of resistance. MACD has turned up from the neutral level. RSI has support of 55 and resistance of 64 staying above or below this levels will decide the trend here.
Intraday traders can look at the levels on spot nifty given below to trade on Monday.
Spot Nifty Levels for Trading on Monday :
No trade between 5849 and 5887(To avoid whipsaws)
Buy above 5887 sl of 5867
targets 5906-5925(add positions, breakout on the upside),
5944-5963-5982-6001-6020.
Sell below 5849 sl of 5869
targets 5830-5811(add positions,breakout on the downside)
5792-5773-5754-5735-5716.
Happy Trading !!!
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