NIFTY TRADE SETUP FOR THE DAY

-nifty index in futures bounced 130 points from its firs-retest of its 20-ema after 14-days
-expect index to bounce-back from here
-nifty index on friday tested its 200-ema on 30-mins chart and boucned back from those levels
-same action took place in banknifty
-remember market sentiment is dampening on daily basis and index is absorbing the sentiment
-fii activity was tepid on friday
-but the reason is related to settlement issues on friday
-from what i am seeing is nifty index will see some short-covering on monday
-assuming that the fii action was dormant on friday we will see them back
-crucial level for index is placed @14875
-crucial resistance is placed @15140
-index needs to cross above 15140 and sustain above that to start fresh leg of bull run
-if the low is breached we will entering into a correction phase
-key for the market is to sustain above 15000


NIFTY RESISTANCE FOR THE DAY
15140-15190-15240
NIFTY SUPPORT FOR THE DAY
14875-14825-14730