Nifty is moving in a tight range of 5100-5200 as the expiry is nearing for this series. The broader range looks at 5050-5200. So the level to watch is the 5050 level which will decide the short term trend.The channel target above 5200 is 5350 whenever we get a breakout above 5200. The breakdown on nifty could it below 5050 to 4900 if the momentum persists on downside. On charts the nifty is resisted by the Ichimoku clouds and supports come at the bottom of clouds at 4967. The Conversion(9 day) is at 5118 and the Base(26 day) is at 4979. Also the Bollingers bands shown a range of 5236(upper band) and 4835(lower band) with the 20 SMA(center line) at 5042. MFI(14 day) has moved sideways with the momentum waning and has turned its head downwards.So the pause in momentum for nifty continues till expiry below the level of 5180. The breach of 5100 on the downside which has been acting as support will open more downside for it up to 5050 for tomorrow. Intraday traders can look at the levels on spot nifty to trade on Wednesday.
No trade between 5103 and 5139(To avoid whipsaw)
Buy above 5139 sl of 5119
targets 5157-5175(add positions breakout on the upside)
5193-5211-5229-5247-5265.
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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