Nifty looks to be consolidating in the range of 5250 to 5300 with resistance at 5350. The channel breakout of spot nifty from 5050 to 5200 has a pending target of 5350 which is yet to be seen. If spot nifty does not hit this target soon we may see a sideways move for a day or two ahead with supports around 5200 levels. Sustaining above 5350 opens a new range for spot nifty. Surprises can be on both sides with increase in volatility but the trend on the upside looks perched on 5200 levels. Intraday traders can look at the levels on spot nifty given below to trade on Wednesday.
No trade between 5270 and 5306(To avoid whipsaw)
Buy above 5306 sl of 5286
targets 5324-5342(add positions breakout on the upside)
5360-5378-5396-5414-5432.
Sell below 5270 sl of 5290
targets 5252-5236(add positions breakout on the downside)
5218-5200-5182-5166-5148.
Happy Trading !!!
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