Nifty futures gain opened with a gap up and made new high at 6021 and closed the day at 6018.45. The price action is moving within the rising channel marked on the chart. There seems some steam left to hit the top of channel. Indicators are improving a lot with RSI above 55 with resistance at 68. MFI is rising and has resistance at 80 and needs to sustain above 60 for further rise. MACD is just above the zero level and good for the trend.
On the 4 hourly MM levels charts we have hit the level of 6016. Further move is above 6016 with resistances at 6094 and 6172. The supports are at 5938 and 5859. So one can be positive for intraday above 6016 on this time frame.
The hourly chart with awesome oscillator shows all indicators now above the negative divergence trend line which is good for the trend. As long it stays above the horizontal line on price chart the trend is positive. RSI needs to sustain above 68 for further momentum. MFI needs to hit the 80 level after sustaining above the 60 levels. Awesome oscillator is above the zero level and shows green bar which is good for the trend. As long as price action is within the rising channel its good for the trend.
Our monthly resistance level no 1 was at 6015 was hit on Friday. Now it is imperative for futures to sustain above this level for further momentum. The next level intermediate level of resistance is at 6182 on monthly time frame with supports at 5901.
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 5990 and 6028(To avoid whipsaws)
Buy above 6028 sl of 6008
targets 6047-6066(add positions, breakout on the upside),
6085-6104-6123-6142-6161.
Sell below 5990 sl of 6010
targets 5971-5962(add positions,breakout on the downside)
5943-5924-5905-5886-5867.
Happy Trading !!!
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