Nifty futures had another volatile day with high and low at 5998.50 and 5932.05 and closed the day at 5969. We could not cross the 6015 level today so the trend is sideways on this time frame. We are still at the bottom of the channel and need more confirmation for any signs of reversal.
The 4 hourly chart for MM levels shows that the resistance is at 6016 and important level to watch for this trend on the upside. Staying above the 5938 is critical for this trend. Below 5938 the trend is down on this time frame.
The hourly chart with awesome oscillator shows that we closed below the horizontal line marked on chart so a negative close for this time frame. Tomorrow above the 5966 level we are positive. We also closed below the red trend line and need to creep above it for recovery chances.
Intraday traders can use the levels on spot nifty given below.
Spot Nifty Levels for Trading on Thursday :
No trade between 5954 and 5993(To avoid whipsaws)
Buy above 5975 sl of 5955
targets 6012-6031(add positions, breakout on the upside),
6050-6069-6088-6107-6126.
Sell below 5954 sl of 5974
targets 5935-5916(add positions,breakout on the downside)
5897-5878-5859-5840-5821.
Happy Trading !!!
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