Nifty has been at the receiving end for last two days but still has managed to hold earlier low of 4788.95. After opening gap down tried twice to move the level of 4850 but could not sustain the rise and gave up the gains to make low at 4803.95 and recovered to close at 4835.65. Nifty seems to be moving in the bigger falling channel as shown on charts. On break of the sideways channel of 208 points it has already achieved its target of 4928 below 5135.95. On this 4928 is acting as resistance on nifty. Again it is moving to the bottom end of the smaller channel as it is retracing from the upper end at 4956.35. For any sort of recovery nifty should maintain the very small channel which if maintained gives a target of 4990. Breach of this channel will take it to levels of 4670. Also the MFI needs to break out of the channel on the upside to support nifty. Intraday traders can look at the levels given below to trade on Thursday.
No trade between 4818 and 4853(To avoid whipsaw)
Buy above 4853 sl of 4833
targets 4871-4889(add positions breakout on the upside)
4907-4925-4943-4961-4979
Sell below 4818 sl of 4838
targets 4800-4783(add positions breakout on the downside)
4766-4749-4732-4715-4698.
targets 4871-4889(add positions breakout on the upside)
4907-4925-4943-4961-4979
Sell below 4818 sl of 4838
targets 4800-4783(add positions breakout on the downside)
4766-4749-4732-4715-4698.
Happy Trading !
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