Nifty futures opened gap down to day to make a low of 5962.25 and closed the day at 5974.90. The channel bottom was breached today. The aqua line was the support for the day. Both the indicator show the downward momentum on charts. The level to watch is our first monthly support of 5936.50. The resistance now is the pivot of 6028. The level of 5982 if crossed tomorrow futures may show some recovery. If sustains below 5936 level then the fall may accelerate. Intraday traders can look at the levels on spot nifty given below to trade on Wednesday.
Spot Nifty Levels for Trading on Wednesday :
No trade between 5938 and 5976(To avoid whipsaws)
Buy above 5976 sl of 5956
targets 5995-6014(add positions, breakout on the upside),
6033-6052-6071-6090-6109.
Sell below 5938 sl of 5958
targets 5919-5900(add positions,breakout on the downside)
5881-5862-5843-5824-5805.
Happy Trading !!!
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