What a comeback by nifty in the last trading hour to close the day at 5347.90 after making a low at 5309.05. Incidently it was a higher low after Friday's low at 5294.10. Now looking back when spot nifty had a close above 5350 we get it as 03.04.2012(four months back) and before that on 21.03.2012. We need now confirmation by taking out the resistance of 5380-5402 on the upside. On charts Bollinger bands show the upper band expanding more compared to the lower one. If the uptrend is continued then the price action should push this band higher to confirm it. Stochastics looks well settled in the overbought zone without any reversal signs. The support has moved up to 5329 now on the spot nifty. Intraday traders can look at the levels given below to trade on Tuesday.
No trade between 5330 and 5366(To avoid whipsaw)
Buy above 5366 sl of 5346
targets 5385-5404(add positions breakout on the upside)-
5423-5442-5461-5480-5499.
Sell below 5330 sl of 5350
targets 5311-5292(add positions breakout on the downside)
5274-5256-5248-5230-5212.
Happy Trading !!!
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