Spot Nifty today could not sustain the rise of yesterday and opened gap down of 30 points and made low at another 30 points down and closed shops at 5225.70. Spot nifty has been making lower lows day by day which is making the recovery very difficult job for it. Today it has closed below 5257 our pivot support which makes it very weak. Next support is at 5184 on spot nifty which will be the final test of bull power. On nifty futures chart some important levels as per Murrey Maths are given. Today nifty future is supported the 5234 level an important level as per this system. Breach of this level may take it to the next lower level at 5156 as shown on charts. If nifty future respects this support level then the next target on the upside is 5312.50. Intraday traders can watch the levels given for spot nifty to trade on Thursday.
No trade between 5208 and 5244(To avoid whipsaws)
Buy above 5244 sl of 5224
targets 5262-5280(add positions, breakout on the upside),
5298-5316-5335-5354-5373.
Sell below 5208 sl of 5228
targets 5190-5172(add positions,breakout on the downside)
5154-5136-5118-5100-5083.
Happy Trading !!!
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