Nifty opened gap down today and did not recover after making a low at 4837.05 and closed the day at 4858.25.Another down day and lost all the gains of yesterday. On the radar is the level of 4800 the high made after the low of 4531.Break of 4800 will create a panic and closing below it will make nifty structurally weak. The recovery will be more painful and time consuming if 4800 is not held on closing basis. We need to cross the level of 4950 to make any attempt of recovery. After a time consuming correction in April the breakdown has been severe on nifty in May. It has wiped out all the gains and we are nearing the Jan 2012 levels at the lower end. Intraday traders can look at the levels on spot nifty given below to trade on Thursday.
No trade between 4841 and 4876(To avoid whipsaw)
Buy above 4876 sl of 4856
targets 4892-4910(add positions breakout on the upside)
4928-4946-4964-4982-5000
Sell below 4841 sl of 4861
targets 4823-4806(add positions breakout on the downside)
4789-4771-4754-4737-4720.
Happy Trading !
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