Nifty futures could not make a new high above 5990 witnessed yesterday. So it was again pause for the momentum on second day. The close was again negative at 5930.55. On chart we are still above the break out of the channel. Both indicators are still continuing their trend. So use the major trend levels given earlier. Positive momentum will be above 5956 our monthly R1 level. Monthly pivot at 5815 below which trend is negative. Intraday traders can look at the levels on spot nifty to trade on Wednesday.
Spot Nifty Levels for Trading on Wednesday :
No trade between 5895 and 5933(To avoid whipsaws)
Buy above 5933 sl of 5913
targets 5952-5971(add positions, breakout on the upside),
5990-6009-6028-6047-6066.
Sell below 5895 sl of 5905
targets 5876-5857(add positions,breakout on the downside)
5838-5819-5800-5781-5762.
Happy Trading !!!
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