Today futures opened gap down made a double bottom at 5318.75(low at 5323..20) and had a intraday recovery to make a high of 5475 and closed the day at 5448.05. We did not hit the pivot of 5555 so on this time frame trend is negative. The support is at 5259 below the pivot of 5555. Above 5555 next resistance level is at 5775.
The 4 hourly chart with MM levels shows the pivot of 5313 held and we recovered to hit resistance of 5469 with high at 5475. So if followed the level, one could have taken all profits as per levels given. For tomorrow 5469 is pivot with support at 5313 and resistance at 5625.
The hourly chart with awesome show the awesome again at neutral levels. RSI held the 34 level and and hit the 55 level so above 55 level it is positive and below 55 it may again hit the support of 34. MFI has held the 40 levels and needs to be watched for any breach on the downside. MACD has come to neutral level so trend is neutral here. We are yet to cross the 5501 on tomorrow but we have moved out of the falling channel. Use 5450 as pivot with target of 5525 on upside and support of 5375 on downside. Below 5375 we could hit 5250 if volatility increases again.
Intraday traders can use the levels on spot nifty given below to trade on Thursday.
Spot Nifty Levels for Trading on Thursday :
No trade between 5430 and 5467(To avoid whipsaws)
Buy above 5467 sl of 5447
targets 5486-5505(add positions, breakout on the upside),
5524-5543-5562-5571-5590.
Sell below 5430 sl of 5450
targets 5411-5392(add positions,breakout on the downside)
5373-5354-5335-5316-5295.
Happy Trading !!!
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