Nifty Futures witnessed a mini sell-off on Friday and dipped below the 6028 pivot level for the first time and closed the week at 6038.05. The pivot level is critical for this trend to be held for any positiveness on Monday at the start of the week. On charts we have seen the first breach of the trend-line acting support earlier. This is the first trend-line breach will depict lack of momentum on the futures. The first resistance level for this month is at 6126.50 which will be the resistance on the upside. Staying below 6028 consistently may take it to the level of 5936.50 which is our first monthly support. On charts the RSI has broken the supports and is below the falling trend-line. MFI is also back-testing the rising trend-line which was once the support. So watch 6028 on futures carefully for Monday. Intraday traders can look at the levels on spot nifty given below to trade on Monday.
Spot Nifty Levels for Trading on Monday :
No trade between 5980 and 6018(To avoid whipsaws)
Buy above 6018 sl of 5998
targets 6037-6056(add positions, breakout on the upside),
6075-6094-6113-6132-6151.
Sell below 5980 sl of 6000
targets 5961-5942(add positions,breakout on the downside)
5921-5902-5883-5864-5845.
Happy Trading !!!
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