Nifty futures had a negative start for the day but then recovered in the afternoon to make a high of 6044.75 and closed the day at 6031.25. The price action is within the channel on this time frame so the trend is intact yet. Nothing on the indicator's front to doubt the trend.
The 4 hourly MM levels chart shows the important level of 6016 and we have closed above it. The futures need to sustain above this level for further strength and improvement.
The hourly futures chart with awesome oscillator shows trend continuation after some sideways movement. The price action has left the original channel and is currently following the red trend line. Moving back into the original channel will add strength to the trend. Use the horizontal line for caution for this trend.
Intraday traders can look at the levels on spot nifty to trade on Tuesday.
Spot Nifty Levels for Trading on Tuesday :
No trade between 6011 and 6050(To avoid whipsaws)
Buy above 6050 sl of 6030
targets 6069-6087(add positions, breakout on the upside),
6106-6125-6144-6163-6182.
Sell below 6011 sl of 6031
targets 5992-5973(add positions,breakout on the downside)
5954-5935-5916-5897-5878.
Happy Trading !!!
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