Nifty futures have hit the first hurdle of second intermediate support for the August series at 5655.15 with today's high at 5658.10. The close was at 5608.40 after opening at 5598.10 with low at 5568.10. The futures should cross the level of 5689 to challenge the next resistance of 5841 as per charts. On this time frame for further recovery we need to sustain above 5655 level. Our first monthly monthly support level at is at 5739.25 which is to be crossed initially.
On the hourly chart for futures with awesome oscillator we see the awesome at the neutral zone with the green continuing. Price is taking support at the bottom of the lower green symmetrical channel. MFI has hit the 80 levels and RSI also hitting 55 level so we may see some consolidation here. The level of 5650 is the level to watch on this time frame with resistance at 5725 and support at 5575.
Spot Nifty Levels for Trading on Tuesday :
No trade between 5594 and 5631(To avoid whipsaws)
Buy above 5631 sl of 5611
targets 5650-5669(add positions, breakout on the upside),
5688-5707-5726-5745-5764.
Sell below 5594 sl of 5614
targets 5573-5554(add positions,breakout on the downside)
5535-5516-5497-5478-5459.
Happy Trading !!!
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