Nifty futures had a small pause after a sporadic run but made a new high of 5954.70 and closed shops at 5939.65. We closed above the red channel line for second time. RSI is moving to resistance of 68 levels. MFI is nearing 80 levels; another resistance nearing. MACD is still in negative and Awesome has just crossed the neutral level. Yet no reversal signs seen on the futures so being with the trend will be prudent. The hurdle of 5997 is yet to be crossed. The next level of above it is 6290 on this time frame. Use 5900 as pivot with targets at 6000 and supports at 5800.
Futures 4 hourly chart shows the resistance of 5938 hit intraday and we just closed above it. Use this level of 5938 as pivot with resistance at 6094 and supports at 5781.
Futures hourly chart with awesome shows red dominating for the day. We have nearly hit the green horizontal at 5960 today. Now we should sustain above this level for further gains. MFI is showing some negative divergence and RSI is also down for the day. But use price levels as confirmation for reversals. Use 5925 as pivot with targets of 6025 and supports of 5825 for this time frame.
Intraday traders can look at the levels on spot nifty given below to trade on Thursday.
Spot Nifty Levels for Trading on Thursday :
No trade between 5895 and 5932(To avoid whipsaws)
Buy above 5932 sl of 5912
targets 5951-5970(add positions, breakout on the upside),
5989-6008-6027-6046-6065.
Sell below 5895 sl of 5915
targets 5876-5857(add positions,breakout on the downside)
5838-5819-5800-5781-5762.
Happy Trading !!!
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