Nifty today opened with gap down at 5163.30 and did not recover from there. It made a low of 5108.10 and closed shops at 5118.00. This is a very weak close on the spot nifty. The breach of 5184 the safety level on spot nifty saw it moving to this levels. On charts the cloud support look around 5050 levels. So sustaining below the 5100 level it may touch the cloud supports. Also stochastics is still headed down and still to make a bottom. It looks some steam is left on the downside as per stochastics. Intraday traders can look at the levels on spot nifty given below to trade on Tuesday.
No trade between 5100 and 5136(To avoid whipsaw)
Buy above 5136 sl of 5116
targets 5154-5172(add positions breakout on the upside)-
5190 -5208-5226-5244-5262.
Sell below 5100 sl of 5120
targets 5082-5064(add positions breakout on the downside)
5046-5028-5010-4992-4974.
Happy Trading !!!
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