Nifty has shown resilience for today by maintaining above 5100. Current trend is still undecided between the range of 5100 to 5200 on the spot nifty. On charts fibonacci fans show clearly the action of nifty. The trend should give some direction soon, it will be prudent till then to remain unbiased on markets. The level of 5133 mentioned was crossed today but not sustained. So we need some more clarity from Mr. Markets to warrant action. Intraday Traders can look at the levels on spot nifty to trade on Thursday.
No trade between 5103 and 5138(To avoid whipsaw)
Buy above 5138 sl of 5118
targets 5156-5174(add positions breakout on the upside)
5192-5210-5228-5246-5264.
Sell below 5118 sl of 5138
targets 5100-5082(add positions breakout on the downside)
5066-5048-5030-5012-4994.
Happy Trading !!!
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