Nifty futures closed the week just a shade above the 5700 level at 5705. Future made a new low for this swing at 5681.60 which near to our intermediate support no 2 of 5655.15. For next week staying above this level of 5655.15 will be sideways up to 5923.25 our monthly pivot. The trend is down below 5923.25 on this time frame. Now we are at a very interesting juncture where the higher lows structure will be challenged we continue down putting the major trend in jeopardy.
On the 4 hourly MM futures chart we are just above the 5703 level which is the pivot for this time frame with resistance at 5781 and support at 5625. The level of 5625 is a major level on MM structure .
On the hourly chart for futures we have closed below the second green channel. For recovery we need to stay put in the channel. The divergence is still seen on RSI. Though MFI has corrected significantly from the divergence seen earlier. 5750 is the level to watch on this time frame for some recovery to start.
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 5659 and 5697(To avoid whipsaws)
Buy above 5697 sl of 5677
targets 5716-5735(add positions, breakout on the upside),
5754-5773-5792-5811-5830.
Sell below 5659 sl of 5679
targets 5640-5621(add positions,breakout on the downside)
5602-5583-5564-5545-5526.
Happy Trading !!!
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.