Nifty looked rejuvenated from the Holidays and opened with a gap and maintained the gap for the day. The high for the day on spot nifty was 5425.15 and the low for the day was at 5368.70. Now this low of 5368.70 is important for the trend to be held and spot nifty should not breach it for the momentum to continue on the upside. The breakout came for spot nifty above 5402 level and we closed above it for the day at 5421.00. A close above 5400 is showing the inherent strength of the trend. Now on the upside the targets are 5438 and 5476 on the spot nifty and the stop loss is raised to 5382 for this breakout. Trend players can hold the spot nifty on this breakout until 5382 is held on closing basis. Intraday traders can look at the levels on spot nifty given below to trade on Wednesday.
No trade between 5403 and 5439(To avoid whipsaws)
Buy above 5439 sl of 5419
targets 5459-5479(add positions, breakout on the upside),
5499-5519-5539-5559-5579.
Sell below 5403 sl of 5423
targets 5383-5364(add positions,breakout on the downside)
5345-5326-5307-5288-5270.
Happy Trading !!!
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