Nifty futures opened at high of 6119 and stayed in the red for the day losing nearly 140 points from earlier close. On charts we see that the red line has been the resistance for futures. Also the yellow level has been the support yet which is being tested now. Staying between these two lines may see sideways movement. Drop below the critical level of 5952 on charts may see momentum on the downside. The intermediate support was at 5992 and was hit on Friday. Below 5992 we have level one support of 5910. The pivot for June series was at 6074 and below it was negative. Those who could follow the levels may have benefited from it. Intraday traders can use the levels on spot nifty given below to trade on Monday.
Spot Nifty Levels for Trading on Monday :
No trade between 5967 and 6005(To avoid whipsaws)
Buy above 6005 sl of 5985
targets 6024-6043(add positions, breakout on the upside),
6061-6080-6099-6118-6137.
Sell below 5967 sl of 5987
targets 5948-5927(add positions,breakout on the downside)
5908-5889-5870-5851-5832.
Happy Trading !!!
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