Nifty futures had a break in the fall at the end of the week and may possibly see some recovery( up to 6006 ?) ahead. The price action has closed below the rising channel for the second day and is against the trend. I have marked a symmetrical channel on chart to observe the symmetry of price further. RSI and MFI have shown some pause in the rise. Awesome has two red bars which is against the trend. MACD is above neutral line so we need to observe it further. We need to observe if the price back tests the yellow channel bottom in this recovery or not. Price has closed above our pivot of 5923 so staying above this level is critical. Fall below 5923 could lead up to 5786.
The 4 hourly chart with MM levels shows below the 5938 level which is very critical for this time frame. This will act as pivot for this trend. with resistance at 6016 and supports at 5859.
The hourly chart with awesome oscillator shows some red bars at the end of the day and is below the neutral level. RSI and MFI seems to have formed a bottom but need to be watched carefully for any reversal. MACD is below the neutral level but is always last to turn around. On price action the green channel needs to be watch ed further where we are above or below the middle green ( top green channel bottom). The horizontal level shown on chart is important for the trend and we need to move above it for recovery.
Intraday traders can look at the levels on spot nifty given below to trade on Monday.
Spot Nifty Levels for Trading on Monday :
No trade between 5867 and 5905(To avoid whipsaws)
Buy above 5905 sl of 5885
targets 5924-5943(add positions, breakout on the upside),
5962-5981-6000-6019-6038.
Sell below 5867 sl of 5887
targets 5848-5829(add positions,breakout on the downside)
5810-5791-5772-5753-5734.
Happy Trading !!!
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