Nifty futures again opened with a gap up and made a high of 5876.90 and low of 5842.20 and closed the day at 5863. So subdued range after the gap up at the open and closed the day at gains of 33.75 points for the day. Again we are within the range of 5900 and 5760 so a sideways movement for the day. The indicators do not negate the trend so trend continues on the upsides for this time frame. Momentum can be seen above the level of 5901 our monthly level one resistance.
The hourly futures MM levels chart shows the level of 5859 acting as pivot for the day and movement is seen around it. So for tomorrow above the 5859 will be positive for intraday and below 5820 negative for the day. The crossing of 5898 level on this charts may add fresh momentum to this move.
The hourly chart with awesome indicator shows some red bars at the end of the day. Its above the zero level and can move either way. The movement has been choppy for this indicator in recent past which depicts a trendless picture on this time frame. On price action we are still below the horizontal line marked on chart. Also the negative divergence is yet to be negated by the indicators so trade cautiously on this time frame or use the intraday levels given below on spot nifty to trade for Wednesday.
Spot Nifty Levels for Trading on Wednesday :
No trade between 5840 and 5878(To avoid whipsaws)
Buy above 5878 sl of 5858
targets 5897-5916(add positions, breakout on the upside),
5935-5954-5973-5992-6011.
Sell below 5840 sl of 5860
targets 5821-5803(add positions,breakout on the downside)
5784-5765-5746-5727-5708.
Happy Trading !!!
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