Nifty has made a recovery of 200 points from the lows of this series.The series started at 5189 went to a low of 4780 roughly 400 points.A recovery of 50% is achieved.On charts of nifty future the bollinger band center has been reached by it.This will act as a resistance or profit booking target.If nifty sustains above this resistance tomorrow then we may see further up move.One can expect some reaction to this rise possibly up to 4933-4912 if it corrects.ADX shows the current positiveness with positive Di above the negative DI.Now the momentum line(yellow) should turn its head up for further rise.Resistance for further rise could be at 5040-5080 levels.Intraday traders can look at the levels on spot nifty to trade on Tuesday.
No trade between 4968 and 5003(To avoid whipsaw)
Buy above 5003 sl of 4983
targets 5021-5039(add positions breakout on the upside
targets 5021-5039(add positions breakout on the upside
5057-5075-5093-5111-5129.
Sell below 4968 sl of 4988
targets 4950-4932(add positions breakout on the downside)
4914-4896-4878-4860-4842.
Happy Trading !
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