Nifty futures had a fall again making low of 5367.05 and closed the day at 5416.75. On price chart we have hit a significant trend line but we need to watch it further. Predicting bottoms or highs can be detrimental to financial health. But following the trend will keep you alive in the market and provide a chance to make profits. We had support as per our intermediate support level of 5394 for futures. This level was breached intraday but we have closed above it. This level of 5394 can be used as pivot if sustained with resistance at 5571 and support at 5218.75 for this time frame.
The 4 hourly chart for futures show the level of 5469 was broken and hit the next level of 5391. This level of 5391 can be used as pivot with resistance at 5469 and support at 5313 on this time frame.
The hourly chart of futures with awesome shows some green at the end of the day. The price of 5400 is the level to watch on this time frame. The indicators RSI and MFI look oversold but cannot be confirmed without price moving up. The resistance is at 5475 and support is at 5325 with 5400 as pivot.
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 5396 and 5433(To avoid whipsaws)
Buy above 5433 sl of 5413
targets 5452-5471(add positions, breakout on the upside),
5490-5509-5528-5547-5566.
Sell below 5396 sl of 5416
targets 5377-5358(add positions,breakout on the downside)
5339-5320-5301-5282-5263.
Happy Trading !!!
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