Nifty opened with a gap at 5286.6 and carried on from there the recovery to make a high of 5348.55 and close the day at the higher end of price action at 5345.35. So the correction on nifty proved to be a one day blip. On charts nifty has cluster of resistances as shown on chart. The fibo extension show a level of 5399 which looks to be achievable if the momentum continues ahead.. The spot nifty missed the pending channel target of 5350 yesterday. Sustaining above the 5350 will auger well for the trend. MFI is perched well at 72 level and increase in this level will set the trend for spot nifty. Intraday Traders can look at the levels on spot nifty to trade on Wednesday.
No trade between 5327 and 5363(To avoid whipsaw)
Buy above 5363 sl of 5343
targets 5381-5399(add positions breakout on the upside)
5417-5435-5453-5471-5489.
Sell below 5327 sl of 5347
targets 5309-5291(add positions breakout on the downside)
5273-5255-5237-5219-5201.
Happy Trading !!!
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