Nifty held the support of 5210 and closed in positive zone at 5240.50. The resistance on charts looks to be the 5259 level and same needs to be taken out ahead for further rally. Breach of 5210 level may take it down to 5184 and sustaining below 5184 may aggrievate the fall ahead. On indicators Stochastics is nearing the 80 levels and needs to be watched for reversal if it comes. RSI should breach the 60 levels for further momentum. MFI is rising steadily which is good for the trend. Intraday traders can look at the levels on spot nifty given below to trade on Wednesday.
No trade between 5222 and 5259(To avoid whipsaw)
Buy above 5259 sl of 5239
targets 5277-5295(add positions breakout on the upside)-
5313-5331-5349-5367-5385.
Sell below 5222 sl of 5242
targets 5204-5186(add positions breakout on the downside)
5168-5150-5132-5114-5096.
Happy Trading !!!
Sir
ReplyDeleteAs per time analysis do u think correction of 4770-5348 over?