Nifty futures closed a high for the week at 5965.85 marking it as good recovery week from the lows of 5678.10. In fact it closed above our monthly resistance of 5956 i.e. R1 for this March series given at the start of this series. The monthly pivot was at 5815 where we had marked it as positive above this level. Hope some of you may benefited from it. Now the second monthly level i.e. R2 is at 6087 and intermediate resistance is at 6021 on the futures. Supports at at 5886 and 5815 for this series. Nifty futures are recovering from the losses of earlier series and have moved with momentum for past few days. On charts we see price moving out of the falling channel and needs to continue further. The high for March series is at 6192 made on 29/01/2013 and low is at 5678.10 made on 04/03/2013. The swing is of 514 pints on the downside and the 50% level of this swing is at 5935 from the level of 5678.10. So watch this level critically on end of day for this trend. On RSI if we observe in past the level of 68 has been a stiff level to cross for futures. But sustaining above this level has been momentum time for it. So keep watch on this level for any reversal if it comes. MFI is still strong and above the trend line and needs to be watched further for any clues of reversal. Intraday traders can use the levels on spot nifty to trade on Monday.
Spot Nifty Levels for Trading on Monday :
No trade between 5926 and 5967(To avoid whipsaws)
Buy above 5967 sl of 5946
targets 5986-6005(add positions, breakout on the upside),
6024-6043-6062-6081-6100.
Sell below 5926 sl of 5946
targets 5907-5888(add positions,breakout on the downside)
5869-5850-5831-5813-5794.
Happy Trading !!!
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