Nifty futures opened gap down to make a low of 5971.20 and closed the day at 6004.40. Profit booking was seen from yesterday after hitting 6100 levels for the first time. We are flirting with the channel bottom and the same was breached intraday. But yet no confirmation from any of the indicators for reversal so we may need further confirmation. The level to watch on downside is 5938 for this time frame which will create some doubts for this trend.
Nifty future 4 hourly chart with MM levels has breached the support level of 6016 and was negative for intraday. For recovery we need to cross and close above 6016 on this time frame.
Hourly charts for futures show the green channel top made and the breaking of middle yellow channel. The price has hit the horizontal line and taken support on it. Now we need to held this support for any recovery. Breach of this support may take to the bottom of the green channel which is very critical for this trend. For intraday we need to trade above the horizontal line.
Intraday traders can look at the levels on spot nifty given below to trade on expiry day.
Spot Nifty Levels for Trading on Thursday :
No trade between 5971 and 6010(To avoid whipsaws)
Buy above 6010 sl of 5990
targets 6029-6048(add positions, breakout on the upside),
6067-6086-6105-6124-6143.
Sell below 5971 sl of 5991
targets 5952-5933(add positions,breakout on the downside)
5914-5895-5876-5857-5838.
Happy Trading !!!
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