On Tuesday Nifty moved from the open to close in one direction i.e. upside with normal volumes.It was the lull before the storm on Monday.Nifty has crossed 5114 and also gathered the momentum on upside.The put of 5200 today lost 94.80 points as observed yesterday.Also all intraday targets were achieved for the day on the upside.Now Nifty needs to keep the momentum going further and take out 5170-5200 soon.The Bollinger Bands are trying to expand and the slope has turned upwards.If Nifty gathers further momentum this should push the upper band higher which is currently at 5201.The MFI(14d) Money Flow Index shows continous rise and how the smart money was flowing in the markets.
Levels to watch for intraday on Spot Nifty :No trading zone between 5122 to 5158 to avoid whipsaws.
Buy above 5158 with SL of 5143 for targets of 5176 - 5194 - 5212- 5230
Sell below 5122 with SL of 5137 for targets of 5104 - 5087 - 5069- 5051
Happy Trading !
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