Nifty futures could not sustain the gap up today and closed the gap intraday an closed at 5862.25. The high and low being at 6029 and 5814.20 respectively. The 5997 target was hit intraday but could not be sustained. So as long as we are below 5997 this level will act as resistance. Above this level we have next resistance at 6290 on futures. The support is at 5775 which was missed by few points today. Below 5775 we have our monthly pivot at 5555.
The 4 hourly MM level charts show the level of 5938 breached for second time and we corrected. The level of 5938 is resistance with supports at 5781.
The hourly futures chart with awesome shows the 5960 breached for second time and we corrected. We have the support at 5752. Between these two levels the trend is sideways with breakout on either side.
Intraday traders can look at the levels on spot nifty given below to trade on Tuesday.
Spot Nifty Levels for Trading on Tuesday :
No trade between 5821 and 5860(To avoid whipsaws)
Buy above 5860 sl of 5840
targets 5879-5898(add positions, breakout on the upside),
5917-5936-5955-5974-5993.
Sell below 5821 sl of 5841
targets 5802-5783(add positions,breakout on the downside)
5764-5745-5726-5707-5686.
Happy Trading !!!
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