Nifty futures closed in red at 5554.15 after making a new swing low of 5515.80. The support level no 2 for this series was at 5571 which was broken yesterday. So below this level we have intermediate support 3 at 5395. For recovery on this time frame we need to sustain above 5571. Sustaining above 5571 we have resistance at 5655.15. This series started on 31.05.2013 with the open and high at 6127.10 and the low before this fall was at 5596 made on 24.06.2013. The high for this series was made on 23.07.2013 at 6139.85. So the zone of 5571-5596 is of initial resistance with 5650-5680 as next resistance which were the lows of 20 and 21 June 2013 respectively.
Nifty futures 4 hourly chart with MM levels has pivot of 5545 with resistance at 5625 and support at 5469. So staying above 5545 will positive for time frame.
Hourly nifty futures are still at the bottom of the third green and channel. On this time frame the initial range of 150 points with 5550 as pivots is possible i.e. resistance at 5625 and supports at 5475. Moving out of this range may see high volatility.
Intraday traders can look at the levels on spot nifty given below to trade on Thursday.
Spot Nifty Levels for Trading on Thursday :
No trade between 5501 and 5538(To avoid whipsaws)
Buy above 5538 sl of 5518
targets 5557-5576(add positions, breakout on the upside),
5595-5614-5623-5642-5661.
Sell below 5501 sl of 5521
targets 5482-5463(add positions,breakout on the downside)
5444-5425-5406-5387-5368.
Happy Trading !!!
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