Nifty futures formed another bottom at 5108.25 and then recovered to the end of the day to close at 5288.90. The intraday high being at 5318.70. Now that we have formed a panic low we need confirmation of that on the upside. For confirmation we need to cross the high of 5319 and need to close at least above 5370 level. On monthly levels we missed the target of 5043. Still we have closed above the pivot of 5218 given yesterday. The resistance is at 5395 and supports at 5042 for this time frame.
On the four hourly chart with MM levels we have hit both the levels of 5313 and 5156. For tomorrow use pivot of 5313 with resistance at 5469 and supports at 5156.
On the hourly chart of futures with awesome we see some green at the end of the day and awesome at neutral levels again. Awesome and MACD both showing diivergence with MFI bouncing from lower levels. Again the price bounced from the channel bottom. The green horizontal of 5501 is a big resistance but sustaining above 5300 is the key for any recovery chances. Use 5300 as pivot with targets of 5375 on upside and 5225-5150 on downsides. Break of 5250 will be an early sign of weakness.
Intraday traders can look at the levels on spot nifty to trade on expiry day.
Spot Nifty Levels for Trading on Thursday :
No trade between 5267 and 5304(To avoid whipsaws)
Buy above 5304 sl of 5284
targets 5323-5342(add positions, breakout on the upside),
5361-5380-5399-5418-5437.
Sell below 5267 sl of 5287
targets 5248-5229(add positions,breakout on the downside)
5210-5191-5172-5153-5134.
Happy Trading !!!
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