Nifty opened near yesterday's close today but could not sustain it for long and dipped in the red zone soon..It tried to take out the close level twice but failed and drifted lower. Another attempt failed at 5343.65 around 3.00 pm.. Now the low of 5314 made around 2.00 pm is critical and needs to be held for any recovery. The chart of nifty futures show the current move on 30 minutes charts with fibo fans. The level of 5352 is now resistance with supports at 5314. Breach of 5314 may take us to 5268 on nifty futures. Sustaining above 5314 level nifty futures may make a comeback first taking out 5352 but the resistance of 5402.5 will be the main resistance for this trend. So one can expect sideways action between 5314 and 5402.50 on nifty futures. Today the premium of 5300CE was in danger and 5400PE gained value. Now will the situation reverse for tomorrow will be a good battle to watch. Intraday traders can watch the levels on spot nifty given below to trade on Wednesday.
No trade between 5316 and 5353(To avoid whipsaws)
Buy above 5353 sl of 5333
targets 5372-5401(add positions, breakout on the upside),
5421-5441-5461-5481-5501.
Sell below 5316 sl of 5336
targets 5298-5280(add positions,breakout on the downside)
5262-5244-5226-5208-5190.
Happy Trading !!!
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