Nifty was in correction mode today after opening down. It made a high of 5300.60 and low of 5257.75 and closed the day 5275.15. In all today it could hold the 5300 mark at all. Sustaing below 5310 will make it suspectible to fall make new lows below 5257. Nifty should make a high above 5333 to maintain its momentum in next three days. On charts nifty has resistance at 5292 and support at 5184. The cloud supports are at 5058 and below it at 4915. Both RSI and CCI are headed down which shows lack of confidence for the bulls. Correction may set in sustaining below the level of 5250. Intraday traders can look at the levels on spot nifty given below to trade on Tuesday.
No trade between 5257 and 5293(To avoid whipsaw)
Buy above 5293 sl of 5273
targets 5311-5329(add positions breakout on the upside)
5347-5365-5383-5401-5419.
Sell below 5257 sl of 5277
targets 5239-5221(add positions breakout on the downside)
5203-5185-5167-5149-5131.
Happy Trading !!!
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