Nifty futures opened with a gap up at 5482.50 and hit the high of 5526.75 and saw some profit booking and closed at the neutral level of 5467.10. Things have been quiet after the low of 5200 and recovery is seen with low volatility. On monthly level 5571 is the resistance with 5395 as pivot. So till 5395 is held have chances of further recovery. Break of 5395 will be the first sign of weakness creeping in for the trend. Further weakness will be confirmed below 5218 levels.
The futures 4 hourly chart shows consolidation around the levels of 5469. Use this level of 5469 as pivot for tomorrow with resistance at 5625 and supports at 5313 for this time frame.
Nifty futures on hourly with awesome show the neutral level held by it with some tint of red at end. On chart we see the first horizontal hit at 5501. Also price has reached the channel top. We need to cross both the channel top and horizontal for further gains. Use the level of 5470 as pivot with 5540 as resistance and supports at 5400 on this time frame.
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 5458 and 5495(To avoid whipsaws)
Buy above 5495 sl of 5475
targets 5514-5533(add positions, breakout on the upside),
5552-5571-5590-5609-5628.
Sell below 5458 sl of 5478
targets 5439-5420(add positions,breakout on the downside)
5401-5382-5363-5344-5325.
Happy Trading !!!
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