Nifty continues the one day up and then sideways move trick. Yesterday opened with gap down at 5240 and then made a high of 5261.40 and a low of 5217.70 and closed the day at 5235.30. On charts spot nifty has resistance of 5300 and 5338 and supports at 5190 and 5124.Last year 11 July marked the correction and we corrected till late August a fall of roughly 1000 points. The band between 5200 and 5400 is a sideways band for spot nifty with multiple supports and resistance.In recent past spot nifty has spent significant time in this band from 29/03/2012 to 04/05/2012 before giving a breakdown. So one needs to observe the violation of this band for breakouts. We have entered this band on 29.06.2012 and we may take sometime to breakout of this band. Intraday traders can look at the levels on spot nifty to trade on Friday.
No trade between 5217 and 5253(To avoid whipsaw)
Buy above 5253 sl of 5233
targets 5281-5299(add positions breakout on the upside)
5317-5335-5353-5371-5389.
Sell below 5217 sl of 5237
targets 5199-5181(add positions breakout on the downside)
5163-5145-5128-5110-5092.
Happy Trading !!!
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