Nifty futures had a bad day out with the gap down opening to make a low of 5844 and close at 5979.05. The banking sector got hammered today with the Index suffering from it. We are still in the channel so still hopes of recovery are on. Indicator do not show any panic on this time frame yet.
Nifty futures on 4 hourly MM levels chart we had observed the level of 6016 as critical. The breach of this level took us lower to the level of 5938. For further strength we need to regain the 6016 level.
On the hourly chart of futures with awesome oscillator we are now following the lower red trend line. There is negative divergence nearly on all indicators whose effect is seen with today's open. On this time frame sustaining above the horizontal trend line is the key. Use 5966 as the pivot for intraday tomorrow on this time frame.
Intraday traders can use the levels on spot nifty given below to trade on spot nifty on Wednesday.
Spot Nifty Levels for Trading on Wednesday :
No trade between 5936 and 5975(To avoid whipsaws)
Buy above 5975 sl of 5955
targets 5994-6013(add positions, breakout on the upside),
6032-6051-6070-6089-6108.
Sell below 5936 sl of 5956
targets 5917-5898(add positions,breakout on the downside)
5879-5860-5841-5822-5803.
Happy Trading !!!
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