Nifty has made a new low at 4868.55 and recovered for the day to close at 4942.80 after making a high at 4955.20.Nifty has closed above the fibo level of 4920 taken from top of 6338 to bottom of 4531.A casual look at the levels show the support and resistance formed around the fibo levels.Short term resistance is at 5078.00. A close above 5170 will make it positive further.If this bottom is held on nifty then a recovery up to 5078-5130 is expected in this pull back. Closing above the 5000 psychological mark will be the first positive sign. MFI index needs to show some rise to confirm this recovery.Intraday traders can look at the levels on spot nifty given below to trade on Wednesday.
No trade between 4920 and 4960(To avoid whipsaw)
Buy above 4960 sl of 4940
targets 4978-4996(add positions breakout on the upside)
5014-5032-5050-5068-5086
Sell below 4920 sl of 4940
targets 4902-4884(add positions breakout on the downside
4866-4848-4830-4812-4794.
Happy Trading !
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