Yesterday's recovery could not be sustained today and nifty made a low at 4893.60 and closed at lower at 4999.95.A shade below 5000 which is a psychological figure which looks very bearish.On charts we can see nifty breaking the 50% level from top of fibo fan.It has acted as resistance today.Nifty today has closed below the 78.6% level of support of fibo fan from bottom.Nifty needs to be above these levels to be giving any hopes of recovery.Money Flow Index clearly shows the trend from the recent top.Intraday traders can look at the levels below on spot nifty to trade on Wednesday.
No trade between 4982 and 5017(To avoid whipsaw)
Buy above 5017 sl of 4997
targets 5035-5053(add positions breakout on the upside)
5071-5088-5106-5124-5142
Sell below 4982 sl of 5002
targets 4964-4946(add positions breakout on the downside
4928-4910-4892-4876-4858.
Happy Trading !
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