Spot nifty stayed within the range of 26 points with the open and close same ie a Doji Candle. Today was the day for the weak hands to be shaken off their positions in the markets. The trick by the market makers is try to shake out the investors out of their positions by keeping a tight range on markets for a day or two and weak hands give the trade in their hands and play to their tunes. This was also a pause in anticipation of big news from FED in US . As the cat is out of bag now and QE3 being announced result is the US markets are hung ho about it. So can we expect a big bang opening for our markets tomorrow on Friday is to be seen. Being a weekly close we need to see if the gains are sustained for the weekly close. So yet another eventful weekly close on hand. Positional traders who were long from 5402.50 may gain the most if we have a big gap opening. On futures charts above the 5468 level we have targets of 5546. On nifty futures 5521-5546 are the level to watch on the upside as resistance where profit booking make take place if they come. Intraday traders can look at the levels on spot nifty given below to trade on Friday.
No trade between 5417 and 5454(To avoid whipsaws)
Buy above 5454 sl of 5434
targets 5474-5494(add positions, breakout on the upside),
5514-5535-5556-5577-5598.
Sell below 5417 sl of 5437
targets 5397-5378(add positions,breakout on the downside)
5359-5340-5321-5301-5283.
Happy Trading !!!
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