The fall on spot nifty has not caught the expected momentum below the 5184 level. Today spot nifty made a low of 5181.70 and closed the day at 5192.90 with a loss of mere 5 points. The bears may be disappointed with spot nifty close. This makes the level of 5184 all the more important. Sustaining above 5200 spot nifty may recover to 5257 and then 5329. Sustaining above 5329 spot nifty may attain new highs. Again breach of 5184 on closing basis will warrant more correction on spot nifty. One can look for opportunities as and when they appear around those levels mentioned. Fibo Fans show spot nifty at support level. If supported here then may attempt the resistance as per chart shown.Intraday traders can look at levels on spot nifty given below to trade on Wednesday.
No trade between 5174 and 5211(To avoid whipsaw)
Buy above 5211 sl of 5191
targets 5229-5247(add positions breakout on the upside)
5265-5283-5301-5319-5337.
Sell below 5174 sl of 5194
targets 5156-5138(add positions breakout on the downside)
5120-5102-5084-5671-5049.
Happy Trading !!!
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