Nifty futures opened at 5555 near the pivot for September series and made high of 5572. But could sustain the pivot and had a intraday fall to make a low of 5323.30 and closed shops for the day at 5344.55. Was this an shake -off or an end of trend will need more confirmation. Below the pivot of 5555 our monthly support level no 1 was at 5259 and it is not broken. Till this level holds we have chances of recovery for futures. For tomorrow use the level of 5259 as pivot with resistance at 5555 levels and next support level below 5259 is 4965 on this time frame. We closed the August expiry at 5409; below this level is another negative for this trend.
The 4 hourly chart with MM levels shows the 5469 level broken intraday which was a warning signal. Below the 5469 we had support at 5313 and futures have not broken this level. So use 5313 as pivot for tomorrow with resistance at 5469 and supports at 5156 for this time frame.
The futures hourly chart with awesome shows red at the end of the day and we are again at neutral zone. MFI and RSI have hit resistance levels but MACD is above the neutral level. RSI near the 34 level support and MFI near the 40 level support breaching supports intraday will be sign of caution. For tommorow use 5350 as pivot with targets of 5450 on the upside and 5250 on downside. Breaching 5250 will be very detrimental for the trend.
Spot Nifty Levels for Trading on Wednesday :
No trade between 5323 and 5360(To avoid whipsaws)
Buy above 5360 sl of 5340
targets 5379-5398(add positions, breakout on the upside),
5417-5436-5455-5474-5493.
Sell below 5323 sl of 5343
targets 5304-5283(add positions,breakout on the downside)
5264-5245-5226-5207-5188.
Happy Trading !!!
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.