Nifty had a initially a quiet day and gave up the quietness at the end to close in red at 5815. The high and lows for the day being at 5887 and 5808. The range of 5750 to 5900 continues so sideways trend continues on this time frame. Looks like we are nearing the end of this sideways move with breakout on Thursday(likely) to Friday on the upside.
The hourly MM levels charts showed below 5858 no momentum on the upside. It did go below 5820 and closed above it. Again tomorrow we need to sustain above 5858 and take out the 5898 for confirmation of breakout.
On the hourly chart with awesome indicator we see choppy action continuing for this time frame. Again we need to negate the divergences formed on the indicators for confirmation of breakout on the upside. For RSI we need to move above 55 level and sustain there. For MFI we need to close above the 60 level and sustain above it.
Above 15 minutes chart for futures shows a possible triangle formation nearing its completion. If this is the case then a breakout may be near and possibly tomorrow. For this pattern we have a stop loss of 5746 marked on chart. The possible channel target is 6036 and above. This can be confirmed above the point b marked on chart.
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 5798 and 5836(To avoid whipsaws)
Buy above 5836 sl of 5816
targets 5855-5874(add positions, breakout on the upside),
5893-5912-5931-5950-5969.
Sell below 5798 sl of 5818
targets 5779-5760(add positions,breakout on the downside)
5741-5722-5703-5684-5665.
Happy Trading !!!
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