Nifty opened with a gap at 5260.85 and made a high of 5293.20. It moved to make a low of 5260.85 and closed the day at 5282.55. Spot nifty has closed above the level of 5257 which is good for short term traders. Level of 5257 if held may take it to test the earlier high of 5348.55 which within a striking distance. On 09.07.2012 spot nifty made a high of 5300.60 and closed at 5275.15. We are currently at the same level after a month. It made the high of 5348.55 next day and closed at 5345.35 on 10.07.2012. Lets see if history repeats itself or not tomorrow. Above chart is for Nifty futures with immediate resistance at 5313 and 5357 with supports below 5257 at 5234 and 5211. Intraday traders can look at the levels on spot nifty given below to trade on Tuesday.
No trade between 5264 and 5301(To avoid whipsaw)
Buy above 5301 sl of 5281
targets 5319-5338(add positions breakout on the upside)-
5357-5376-5395-5414-5433.
Sell below 5264 sl of 5284
targets 5246-5228(add positions breakout on the downside)
5210-5192-5174-5156-5138.
Happy Trading !!!
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