Nifty had opened higher with a gap at 5214.90 but could sustain it made a low of 5154.10. It recovered from the lows to make a new high for this swing at 5234.60 and closed the day at 5229.00. Spot nifty has retraced the 61.80% level at 5227.00 and if it sustains above it then it will be positive for it. Above it 5256-5280 seems the resistance. So from now for short term, the key levels seem to be 5227-5184 on the downside. Intraday traders can look at the levels on spot nifty given below to trade on Wednesday.
No trade between 5211 and 5247(To avoid whipsaw)
Buy above 5247 sl of 5227
targets 5265-5283(add positions breakout on the upside)-
5301-5319-5337-5355-5373.
Sell below 5211 sl of 5231
targets 5193-5175(add positions breakout on the downside)
5158-5140-5122-5104-5086.
Happy Trading !!!
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