Nifty futures open with a green and stayed green for the day with a close above 6000 at 6051.20. We are nearing our level no 1 resistance of 6063 which is yet to be crossed as we hit 6057 as high today. This is a big series with expiry at 30.05.2013 so expect more drama with many ups and downs. Use the levels to book profits as and when you see them hitting those levels. Price action has moved above the earlier resistance of 5985 and closed above it. MACD is positive and RSI has moved above the 68 level . RSI resistance at 74 level in earlier swing and needs to be watched at that level. Staying above 68 level will be the key for the trend. Only MFI is showing some reversal sign and this is early indicator to watch for reversals. Intraday traders can use the levels on spot nifty given below to trade on Wednesday.
Spot Nifty Levels for Trading on Wednesday :
No trade between 6024 and 6063(To avoid whipsaws)
Buy above 6063 sl of 6043
targets 6082-6101(add positions, breakout on the upside),
6120-6139-6158-6177-6196.
Sell below 6024 sl of 6044
targets 6005-5986(add positions,breakout on the downside)
5967-5948-5929-5910-5891.
Happy Trading !!!
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