Nifty has ended the month with a positive candle with a close on spot at 5248.15 on Monday.Its a strong close after 7 trading days.Nifty need to take out the levels of 5306.75 , 5342.25 and 5378.75 on the spot which may act as resistances.On the charts spot nifty has taken supports of the Ichimoku clouds exactly.The cloud resistance is at 5356.50.Above this level it can build further momentum ahead.Stochastics is also forming a bottom.Force Index is again at neutral levels.It will be soon giving a breakout above or below the clouds as they are narrowing .Intraday traders can look at the levels on spot nifty for Wednesday given below.
No trade between 5230 and 5266(To avoid whipsaw)
Buy above 5266 sl of 5246
targets 5264-5282(add positions breakout on the upside)
5300-5318-5336-5354-5372.
Sell below 5230 sl of 5250
targets 5212-5194(add positions breakout on the downside
5176-5158-5140-5122-5104.
Buy above 5266 sl of 5246
targets 5264-5282(add positions breakout on the upside)
5300-5318-5336-5354-5372.
Sell below 5230 sl of 5250
targets 5212-5194(add positions breakout on the downside
5176-5158-5140-5122-5104.
Happy Trading !
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