Nifty made a new high today at 5377.60 and closed the day at 5338.00. After making a new high it could not sustain it and is near to the yesterday's close of 5336.70. Today's low and high are important for the short term and breach of that on either side will decide the trend. On charts for nifty future the level of 5391 is the resistance and 5313 is the support. The stochastics is still in overbought zone and no reversal yet on it. Intraday traders can look at the levels on spot nifty to trade on Thursday.
No trade between 5320 and 5356(To avoid whipsaw)
Buy above 5356 sl of 5336
targets 5375-5394(add positions breakout on the upside)-
5412-5431-5450-5469-5488.
Sell below 5320 sl of 5340
targets 5301-5283(add positions breakout on the downside)
5271-5253-5241-5223-5205.
Happy Trading !!!
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