Nifty has moved in a narrow range today after making a high of 4937.50 and low of 4888.50 to close the day at 4906.05.The close is above 4900 which is the only consolation for today.The resistance of 4955 will be tough for nifty to take out.So the bulls need some positive opening possibly gap up to take out such resistances.On charts the fibo fan shows the resistance at 4957 cross over it can take it to 5038 on the spot.One needs to be cautious below 4870 if its dips again as we may need more time for consolidation at lower levels. Below 4800 level the low of this swing could be breached..Intraday traders can look at the levels on spot nifty to trade on Tuesday.
No trade between 4889 and 4924(To avoid whipsaw)
Buy above 4924 sl of 4904
targets 4942-4960(add positions breakout on the upside)
4978-4994-5012-5030-5048
Sell below 4889 sl of 4909
targets 4871-4853(add positions breakout on the downside)
4831-4813-4795-4777-4758.
Happy Trading !
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