Nifty opened today with gap on the upside then moved to towards yesterday close and then made a new high at 5020.15 on spot and closed the day by paring the gains at 4990.15.in all a range bound day with expiry looming ahead.The volatility is lacking but nifty has crossed the 5000 mark but could not sustain it.It is poised at the center band of Bollinger Band which could be resisting it.For the trend to continue as shown in charts of nifty future above it should sustain above 4963.below 4963 it is susceptible to 4945-4912.For the upmove above charts shows the resistances ahead.ADX is indicating positive trend with +ve DI above -ve DI(green above red).The yellow line momentum indicator should turn up for fast upward move.Intraday traders can look at the levels on spot nifty to trade on Wednesday.
No trade between 4972 and 5008(To avoid whipsaw)
Buy above 5008 sl of 4988
targets 5026-5044(add positions breakout on the upside
5062-5080-5098-5116-5134.
Sell below 4972 sl of 4992
targets 4954-4936(add positions breakout on the downside)
4918-4900-4882-4864-4846.
Happy Trading !
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