Nifty futures again made a new swing high after a small dip in the red and closed at 6089. A strong close near the day's high. Today futures crossed the level one resistance at 6063. Closing and sustaining above it is strong for the trend. Trend players can continue the trade with 6063 in mind. Above the 6063 we have intermediate resistance at 6139 and level no 2 resistance at 6216. The intermediate resistance is near the earlier swing high and needs to be watched now. RSI has moved above 68 and sustained above it so good for the trend. MACD is firm and rising again plus for the trend. Only MFI is showing some contrasting action which needs to be kept in mind. Trend players can use the monthly levels. Intraday traders can look at the levels on spot nifty to trade on Thursday.
Spot Nifty Levels for Trading on Thursday :
No trade between 6050 and 6089(To avoid whipsaws)
Buy above 6089 sl of 6069
targets 6108-6127(add positions, breakout on the upside),
6146-6165-6184-6203-6222.
Sell below 6050 sl of 6070
targets 6031-6012(add positions,breakout on the downside)
5993-5974-5955-5936-5917.
Happy Trading !!!
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.