Nifty today opened with gap up at 4869.45 and touched the high at 4898.95 just shy of 4900 on the spot. Thereafter it moved to a low at 4847.80 and closed the day at 4868.30.In all it could not cross the resistance of 4900 in first attempt. The above chart shows the nifty future chart for 15 min interval. On charts nifty future broke the rising channel at 4855 after facing resistance at 4878 shown in chart. Now sustaining above 4838 we again make another attempt for 4910 provided we hold the channel shown in charts. If we break the channel again then it may try to retrace to 4800 .Intraday traders can look at the levels given below on spot nifty to trade on Wednesday.
No trade between 4846 and 4881(To avoid whipsaw)
Buy above 4881 sl of 4861
targets 4899-4917(add positions breakout on the upside
4935-4953-4961-4979-4997.
Sell below 4846 sl of 4866
targets 4828-4810(add positions breakout on the downside)
4792-4774-4756-4738-4720.
Happy Trading !
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