Nifty had no follow up move to yesterday new high. It opened gap down at 5315.30 made a low of 5300.30 and high of 5336.50 and closed the day at 5306.30. Nifty action of one day up and then sideways is playing havoc on trend players. So taking the gains off the table as soon as they appears seem the rule for current trend. On charts tomorrow seems a critical day with fibo circle, fibo time and also fibo fans cluster . The range for tomorrow looks between 5365 and 5270 for breakout on either side. Also MFI has turned down with today's move from 72 to 67 which does not auger well. Intraday traders can look at the levels on spot nifty given below to trade on Thursday.
No trade between 5324 and 5288(To avoid whipsaw)
Buy above 5324 sl of 5304
targets 5342-5360(add positions breakout on the upside)
5388-5406-5424-5442-5460.
Sell below 5288 sl of 5308
targets 5270-5252(add positions breakout on the downside)
5234-5216-5198-5170-5152.
Happy Trading !!!
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