Nifty has today protected yesterday's low successfully and made an attempt towards recovery of losses of earlier move. On charts the keys levels are 5100 and 5201 which will decide the trend further. Nifty oscillating between these levels will be in consolidation mode. MFI is still maintaining the channel and should turn around its head up for the trend to continue. The level of 5133 mentioned yesterday was not crossed today. The level of 5040 is critical for the trend of this week. Intraday traders can look at the levels on spot nifty given below to trade on Wednesday.
No trade between 5094 and 5129(To avoid whipsaw)
Buy above 5129 sl of 5109
targets 5147-5165(add positions breakout on the upside)
5183-5201-5219-5237-5255.
Sell below 5109 sl of 5129
targets 5091-5073(add positions breakout on the downside)
5055-5037-5019-5001-4983.
Happy Trading !!!
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