Nifty had made a new swing high of 5194.60 before giving up the gains in last few hours. Spot nifty has been around the 5040 level and hence its the important level to watch for the trend. Nifty futures chart above show the support and resistance. If the fan support is held then we should make another attempt at 5200 soon. Below 5040 we have supports at 4960 which should be critical for the momentum of this swing. So keep 5040 on your radar for this swing to continue ahead. Intraday traders can look at the levels given below on spot nifty to trade on Tuesday.
No trade between 5097 and 5133(To avoid whipsaw)
Buy above 5133 sl of 5113
targets 5151-5169(add positions breakout on the upside)
5187-5205-5223-5241-5259.
Sell below 5097 sl of 5117
targets 5079-5061(add positions breakout on the downside)
5043-5025-5007-4989-4971.
Happy Trading !!!
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