Nifty made a high at 5144.90 and low of 5095.45 and closed the day at 5121.45. For the trend on spot nifty its a new high and a higher close which is good.But today's action saw some exhaustion for the move on spot nifty as there was no specific direction on it.Spot nifty closed around roughly same level which shows equal force between bears and bulls.The bulls failed to defend it at higher levels.The chart shows Fibo Fan resistance hit only crossing above it and sustaining there will take it higher to the resistance around 5180 levels.MFI shows no exhaustion yet so in all a mixed signal for today which says us to be cautious for intraday action. Intraday traders can look at the levels given below to trade on Thursday.
No trade between 5103 and 5139(To avoid whipsaw)
Buy above 5139 sl of 5119
targets 5157-5185(add positions breakout on the upside)
5211-5229-5247-5265-5283.
Sell below 5103 sl of 5123
targets 5085-5067(add positions breakout on the downside)
5049-5031-5013-4995-4977.
Happy Trading !
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