Spot nifty opened in red and was sideways for the half day and then made good recovery towards the end of the day to close positively at 5274. Closing above the pivot of 5257 for spot nifty is good and can give it strength to recover the losses. On charts of nifty futures looks like a bottom is being formed should recover up to 5350 if this bottom is held. On RSI breach of 60 gave the momentum on downside and now is poised above the 40 levels. RSI should held the 40 level and move upwards to signify strength for this recovery. Still sideways for the trend players but patience will be tested. Just when nothing happens a 100 points move is seen in markets one needs to be ready for it as when it happen on either side to pounce on the bounce. Intraday traders can look at the level on spot nifty given below to trade on Wednesday.
No trade between 5256 and 5292(To avoid whipsaws)
Buy above 5292 sl of 5272
targets 5310-5329(add positions, breakout on the upside),
5348-5367-5386-5405-5425.
Sell below 5256 sl of 5276
targets 5238-5220(add positions,breakout on the downside)
5202-5184-5166-5148-5130.
Happy Trading !!!
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