Spot Nifty was sideways for the day after the big run up on Friday and a dull Saturday. Today intraday traders may have hit stop loss at regular interval. The day marked the range from 5375 to 5349 a mere 26 points for a whole trading day. So the momentum looked stalled for the day and a resistance area as suggested near 5392 in earlier post. But a close above 5350 is still positive for the index. For tomorrow if it dips below 5350 again then a correction to 5315-5320 levels could be expected. Sustaining above 5350 will add momentum on the upside to our resistance level of 5402.50 on the spot nifty. On nifty futures chart we have resistance at 5391 and support at 5312 as shown above. So the critical level on downside is 5312 for the trend to be positive. Trend player can hold longs with 5312 as stop loss. Intraday traders can look at the levels on spot nifty given below to trade on Tuesday.
No trade between 5345 and 5382(To avoid whipsaws)
Buy above 5382 sl of 5362
targets 5401-5421(add positions, breakout on the upside),
5441-5461-5481-5501-5521.
Sell below 5345 sl of 5365
targets 5326-5307(add positions,breakout on the downside)
5288-5270-5252-5234-5216.
Happy Trading !!!
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