Nifty futures had another green day with futures settling above the 5700 level at 5711.35. The high was at 5717 and low was at 5589.15. Next hurdle at 5739.15, if not crossed tomorrow then below today's low we may see correction up to 5650-5625. Hurdle if crossed then it may open the range up to 5841 for futures.
On the futures 4 hourly chart we hit our resistance at 5703 and closed above it. For tomorrow we have pivot at 5703 with resistance at 5781 and support at 5625.
On the hourly futures chart with awesome we see the awesome above the neutral level with the green continuing on it. MFI has reached the 80 levels a resistance level. RSI has hit the 68 level another resistance level. MACD has reached the neutral level. So indicators are positive with some of them showing exhaustion. So if we do not cross the 5725 level we may correct to 5650-5625 levels. Use 5700 as pivot on this time frame with 5775 as resistance and support at 5625.
Intraday traders can use the levels on spot nifty given below to trade on Wednesday.
Spot Nifty Levels for Trading on Wednesday :
No trade between 5680 and 5718(To avoid whipsaws)
Buy above 5718 sl of 5698
targets 5737-5756(add positions, breakout on the upside),
5775-5794-5813-5832-5851.
Sell below 5680 sl of 5700
targets 5661-5642(add positions,breakout on the downside)
5623-5604-5585-5566-5547.
Happy Trading !!!
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