Nifty futures had a gap down opening and never recovered for the day. the low made is at 5256.90 a double bottom or triple bottom considering 5250. Last hope for this trend is 5250 below it the recovery chances are very thin. On the monthly levels 5395 taken out intraday so 5218 comes to picture again. Some recovery possible if sustained above 5395. Breach of 5218 may take it up to 5043. So use 5218 as pivot for this time frame.
Futures 4 hourly MM level chart shows the 5469 level taken out with gap down and was short for the day below it. Targets of 5313 achieved. Use 5313 as pivot for this time frame. Resistance at 5469 and supports at 5235 and 5157.
The hourly futures with awesome showed red from start of the day and closed in red. We could not clear the channel top nor the horizontal resistance marked on chart. The trend may continue to channel bottom on further weakness. The pivot of 5275 can be used with resistance at 5375 and supports at 5175 for this time frame.
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 5269 and 5306(To avoid whipsaws)
Buy above 5306 sl of 5286
targets 5325-5344(add positions, breakout on the upside),
5363-5382-5401-5420-5439.
Sell below 5269 sl of 5289
targets 5250-5231(add positions,breakout on the downside)
5212-5193-5174-5155-5136.
Happy Trading !!!
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