Nifty has closed above 5200 after hitting a low of 5169.10. Spot nifty opened at 5199.10 and closed the day at 5216.30. Now the question is have we made a significant low on spot nifty. On charts if we look at the bollinger bands nifty price action is still below the 20 ma line. MFI is still headed down and also stochastics need to turn its head up. So spot nifty has to cover more distance on the upside to instill confidence on this one day move. Still sustaining above 5184 was crucial for spot nifty and it has been doing it consistently for three days in a row. So above 5184 we can be positive on spot nifty with hopes of recovery on nifty. Intraday traders can watch the levels on spot nifty given below to trade on Thursday.
No trade between 5198 and 5234(To avoid whipsaw)
Buy above 5234 sl of 5214
targets 5252-5270(add positions breakout on the upside)
5288-5306-5324-5342-5360.
Sell below 5198 sl of 5218
targets 5180-5162(add positions breakout on the downside)
5144-5126-5108-5090-5072.
Happy Trading !!!
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