Nifty futures on the weekly charts are at the higher end of the week candle formed and also back in the rising channel. The weekly AO, RSI, MFI and MACD are their lows. The resistance of 5632 is the level to cross on futures for further recovery on the weeklies.
The daily futures recovered at the end of the day to close the week at 5456.75 after making intraday lows of 5356 and weekly lows of 5124.30. The pivot for the September series is at 5555.55 which is the initial barrier for futures. The intermediate resistance above it are at 5663 and 5775 and intermediate supports are at 5407 and 5259. So for daily the range of 5406 and 5555 is consolidation zone any movement above or below it will be a sign of breakout and needs to be monitored carefully.
The 4 hourly futures with MM levels show the level of 5469 forming cluster of price around it. This level is current pivot for this time frame with resistance at 5625 and support at 5313.
The hourly future chart with awesome shows some green at the end of the day i.e. recovery from lows of 5356 to the close of 5456.75. We are again at channel top and our first green resistance of 5501. So cross of 5501 needs to be monitored carefully. Use 5450 as pivot with targets of 5550 and support of 5350 on this time frame.
Intraday traders can use the levels given below on spot nifty to trade on Monday.
Nifty Futures Levels for Trading on Monday :
No trade between 5453 and 5490(To avoid whipsaws)
Buy above 5490 sl of 5470
targets 5509-5528(add positions, breakout on the upside),
5547-5566-5585-5604-5623.
Sell below 5453 sl of 5473
targets 5434-5415(add positions,breakout on the downside)
5396-5377-5358-5339-5320.
Happy Trading !!!
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