Spot nifty opened today with with gap down and was buying opportunity around 5330-530 levels. The gap was closed soon and recovery on the upside was seen till the end of the day. On charts of nifty futures shown above nifty has entered the congestion zone of 5390-5461. Expect some reversal or sideways action in this zone. Nifty futures need to clear this zone and move on the upside to reach the earlier swing high. Falling below this zone will make nifty prone to 5330-5300 levels again. Expect some profit booking in this zone. Intraday traders can look at the levels on spot nifty given below to trade on Wednesday.
No trade between 5372 and 5408(To avoid whipsaws)
Buy above 5408 sl of 5388
targets 5428-5448(add positions, breakout on the upside),
5468-5488-5508-5529-5550.
Sell below 5372 sl of 5392
targets 5353-5334(add positions,breakout on the downside)
5315-5297-5279-5261-5243.
Happy Trading !!!
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