Nifty hit intermediate resistance on spot at 5302 a psychological level(5300) and saw some profit booking. Nifty may move sideways for a day or two to catch the momentum again. On chart we see a level of 5368 where the fibo fans meet which may be achieved. Sustaining above this will make nifty further positive ahead. MFI has gone flat and it needs to turn its head up for the momentum on nifty. Dips on nifty may be used to buy for further gains with sl of 5200 for positional traders. Intraday traders can look at the levels on spot nifty to trade on Tuesday(same levels).
No trade between 5297 and 5261(To avoid whipsaw)
Buy above 5297 sl of 5277
targets 5315-5333(add positions breakout on the upside)
5351-5369-5387-5405-5423.
Sell below 5261 sl of 5281
targets 5243-5225(add positions breakout on the downside)
5207-5189-5171-5153-5135.
Happy Trading !!!
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