Nifty has made a new low of this down swing at 4874.50 and closed the day at 4907.80.It has closed below the 4950 level of 61.8% level again.Nifty has to cross this resistance of 4950 to make any attempt for recovery.The chart shows the channel action of nifty.Nifty has supports at 78.60% level of 4764.00 if it continues further down. MFI has reached the level from where buying emerges so one needs to watch if it moves up again. Intraday traders can look at the levels given below on spot nifty to trade on Tuesday.
No trade between 4890 and 4928(To avoid whipsaw)
Buy above 4928 sl of 4908
targets 4946-4964(add positions breakout on the upside)
4982-5000-5018-5036-5054
Sell below 4908 sl of 4928
targets 4892-4874(add positions breakout on the downside
4856-4838-4820-4802-4784.
Happy Trading !
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