Nifty Futures opened gap down for the week on Monday stayed below the earlier close and closed the day at 5722. The level of 5684 is the level to watch for the close of the day. Below this level it may turn again negative. Nifty futures need to cross the level of 5815 the pivot for March series. 5683 is the intermediate level to watch and monthly support of level 1 is at 5552. On charts we still moving in a downward channel. The divergence on MFI is yet to play out. RSI is yet to show momentum. We are still forming a bottom and it needs to be confirmed. So watch the levels given for March series to play the trend. 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 5680 and 5717(To avoid whipsaws)
Buy above 5717 sl of 5697
targets 5736-5755(add positions, breakout on the upside),
5774-5793-5812-5831-5850.
Sell below 5680 sl of 5700
targets 5661-5642(add positions,breakout on the downside)
5623-5604-5585-5566-5547.
Happy Trading !!!
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