Nifty futures stayed put above the critical level of 5887 for the day. In the afternoon crossed the critical resistance of 5936.50 and closed the day at 5960. It was strong intraday close and shows some signs of recovery. On charts we can see that the red line acted as support and currently we are trading above the aqua line and closed above it. Both the indicators show signs of recovery. Watch the earlier trend-lines drawn on the indicator for further resistances if they move up to that level. For the momentum to continue it should stay above the aqua line . The resistance on upside is at 5982 for tomorrow and closing above this level will be continuation of trend. The monthly pivot is at 6028 which will be a strong resistance for this recovery. 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 5920 and 5957(To avoid whipsaws)
Buy above 5957 sl of 5937
targets 5976-5995(add positions, breakout on the upside),
6013-6032-6051-6070-6089.
Sell below 5920 sl of 5940
targets 5901-5882(add positions,breakout on the downside)
-5863-5844-5825-5806-5787.
Happy Trading !!!
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