Nifty has been today again in a tight range of 30 points. On charts nifty is being restricted by the fibo fans drawn from top and bottom. The rectangle marked shows the price movement in recent past. The price action looks trapped in that zone waiting to breakout on either side. Nifty is taking time to decide which way it wants to go and seems in no hurry. This is trying the patience of intraday traders who are trapped and cannot make effective trades on such days. MFI shows the lack of momentum and is sideways. In all waiting for the breakout to happen as mentioned yesterday will be prudent. Intraday traders can look at the levels on spot nifty to trade on expiry day.
No trade between 5124 and 5160(To avoid whipsaw)
Buy above 5160 sl of 5140
targets 5178-5196(add positions breakout on the upside)
5214-5232-5250-5268-5286.
Sell below 5124 sl of 5144
targets 5106-5088(add positions breakout on the downside)
5070-5052-5034-5016-4998.
Happy Trading !!!
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