Nifty today hit a new low of 5190.50 and closed the day at the lower end at 5197.30. Nifty has closed below the 5200 for the first time after 28.06.2012. In all a correction of roughly 150 points from the high of 5348.55. On charts we had supports of 5199 and the same are breached by today's close. If nifty breaches the level of safety of 5184 then it may touch 5097 as shown in chart. Staying above 5199 nifty can attempt a recovery to the level of 5302. The channel support level is 5145 and breaching this can accelerate the fall to 5097. Intraday traders can look at the levels on spot nifty given below to trade on Tuesday.
No trade between 5179 and 5215(To avoid whipsaw)
Buy above 5215 sl of 5195
targets 5233-5251(add positions breakout on the upside)
5269-5287-5305-5323-5341.
Sell below 5179 sl of 5199
targets 5161-5143(add positions breakout on the downside)
5125-5107-5089-5071-5053.
Happy Trading !!!
This comment has been removed by a blog administrator.
ReplyDelete