Nifty futures could not cross the pivot at 5923 so chances of recovery for today were nil. The high of today was at 5924 and previous close was at 5925.50. So no question of being bullish and recovery. If we cross and sustain above 5923 then we have intermediate resistance at 6007 as per our monthly levels. The monthly levels have intermediate supports at 5831.25 and we reached the level of 5871. So we need to watch the level of 5831 on the downside if it continues down further. Use this levels on this time frame and other levels given earlier for this time frame.
Nifty futures on 4 hourly chart with MM levels shows support at 5859 and we have hit 5871 today. So for tomorrow watch this level as pivot with resistance at 5938 and support at 5781 on this time frame.
Nifty futures on hourly chart we see price below the top green channel. RSI and MFI are showing divergence on this time frame so we need to observe them further for any bounce back. For any meaningful bounce back we need to cross the horizontal line shown on chart.
Intraday traders can use the levels on spot nifty given below to trade on Tuesday.
Spot Nifty Levels for Trading on Tuesday :
No trade between 5813 and 5951(To avoid whipsaws)
Buy above 5851 sl of 5831
targets 5870-5889(add positions, breakout on the upside),
5908-5927-5946-5965-5984.
Sell below 5813 sl of 5833
targets 5794-5775(add positions,breakout on the downside)
5756-5737-5716-5697-5678.
Happy Trading !!!
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