Nifty opened with a gap
up at 4954.70 made a high of 4956.35 but could not sustain it for the day.
After moving sideways till afternoon gave up all the gains and made a low of
4849.90 and closed the day at the lower end at 4860.50. On charts we see the spot
nifty moving in the channel. A sharp move is expected once nifty moves of the
channel. The fibo extensions show the pivot at 4886 and the upper resistance at
4945 and lower support at 4828. A move out of this band could be traded
safely. Intraday traders can look at the levels below on spot nifty to trade on
Wednesday.
No trade between 4843
and 4878(To avoid whipsaw)
Buy above 4878 sl of 4858
targets 4896-4914(add positions breakout on the upside)
4932-4950-4968-4986-5004
Sell below 4843 sl of 4863
targets 4825-4807(add positions breakout on the downside)
4789-4771-4754-4737-4720.
Happy Trading !
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