Nifty futures have hit a freak low of 5200 for this series(not reflected in other two nifty series). The adjusted low could be at 5339.65 - 35(premium for September) = 5304.65 for this series. The close for the day was at 5398.50. The high for the day was at 5419.90. There is divergence on MFI but price should confirm it. The level to watch is 5395 as pivot with resistance at 5571 and supports at 5218.75.
The 4 hourly nifty futures MM level chart we see the level of 5313 hit today on downside. The pivot is at 5313 with resistance at 5469 and support at 5235.
The futures hourly chart with awesome shows some green at the end of the day on awesome. Price action staying within the channel may attempt to hit the top of channel. The horizontal levels marked look to be resistance ahead. Use 5400 as pivot with 5475 resistance and 5325 as support.
Spot Nifty Levels for Trading on Wednesday :
No trade between 5383 and 5420(To avoid whipsaws)
Buy above 5420 sl of 5400
targets 5439-5458(add positions, breakout on the upside),
5477-5496-5515-5534-5553.
Sell below 5383 sl of 5403
targets 5364-5345(add positions,breakout on the downside)
5326-5307-5288-5269-5250.
Happy Trading !!!
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