Spot nifty opened at 5343.85 and made a high of 5345.50 and then moved in the red quickly. Another red day on trot for 5 days after a rise of 18 days. Spot nifty has lost 166 points against the rise of 416.20 points a net fall of 40%. The break of 5352 on nifty futures was critical and the momentum has picked up on the downside. The level of 5280-5250 could be probable area of the fall getting arrested. No meaningful recovery should be expected below the level of 5352 on nifty futures. Tomorrow being the expiry day the closing will be important for the next series. Tomorrow's battle could be for the 5300 level with both 5300CE and 5300PE fighting for survival. On charts above probable support zones are shown. Intraday traders can look at the levels on spot nifty to trade on Thursday.
No trade between 5270 and 5306(To avoid whipsaws)
Buy above 5306 sl of 5286
targets 5325-5344(add positions, breakout on the upside),
5363-5382-5402-5422-5442.
Sell below 5270 sl of 5290
targets 5252-5234(add positions,breakout on the downside)
5216-5198-5180-5162-5144.
Happy Trading !!!
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