Nifty Futures had a choppy session with negative close at 6036.40. It was a strong close on weekly basis. The weekly resistance level of 6015 is still critical for this trend and sustaining above it will make chances of further recovery strong. On price action we still maintaining the rising channel which good for the trend. Indicators are not showing any reversal signs on this time frame.
Nifty futures on 4 hourly MM levels charts show the close above the 6016 critical level which is the 5/8 level. Next we have 6/8 level at 6094 for this time frame and supports at 4/8 level which is 50% level at 5938 below which we are negative on this time frame.
On the hourly futures chart with awesome indicator the trend has been choppy and difficult to trade on this time frame. RSI, MFI and awesome indicator are sideways with positive bias. MACD is still above the neutral level. We are currently following the yellow channel and staying in it is positive for the trend. Break out of the yellow channel we need to watch the yellow horizontal line and then the green channel bottom. Break out of the green channel on the upside will be more positive confirmation.
Intraday traders can use the levels given below on spot nifty to trade on Monday.
Spot Nifty Levels for Trading on Monday :
No trade between 6010 and 6049(To avoid whipsaws)
Buy above 6049 sl of 6029
targets 6068-6087(add positions, breakout on the upside),
6106-6125-6144-6163-6182.
Sell below 6010 sl of 6030
targets 5991-5972(add positions,breakout on the downside)
5953-5934-5915-5896-5877.
Happy Trading !!!
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