Nifty opened yesterday gap down tried to recover to make a high of 5217.30 and then went down to make a low of 5180.65 and closed the day at 5188.40.In all an negative day for nifty spot.On the charts spot nifty has closed below the Ichimoku clouds for the first time which is does auger well for the up trend.Force Index is also below the neutral line.So today's close which will be a weekly close will be important one for spot nifty.Nifty needs to close the gap to recover the loss and move up again.The range of 5330-5130 is for short term traders where swift moves are seen on spot nifty.One can take positional call whenever spot nifty moves out of this range.Intraday day traders can look at the levels given below on spot nifty to trade today.
No trade between 5170 and 5206(To avoid whipsaw)
Buy above 5206 sl of 5186
targets 5224-5242(add positions breakout on the upside)
5260-5278-5294-5312-5340.
Sell below 5186 sl of 5206
targets 5168-5150(add positions breakout on the downside
5132-5114-5096-5078-5060.
Buy above 5206 sl of 5186
targets 5224-5242(add positions breakout on the upside)
5260-5278-5294-5312-5340.
Sell below 5186 sl of 5206
targets 5168-5150(add positions breakout on the downside
5132-5114-5096-5078-5060.
Happy Trading !
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