Sorry for the delay in updating this view due to festive season. May Lord Ganesha bestow you the right knowledge in your life. Today nifty has opened gap down and in sync with our view earlier. The 5610 is the resistance for the short term with resistance at 5630. On the downside for nifty futures the 5524 and 5470 are the supports.Nifty has moved in the yellow channel as shown in charts. Moving above the channel top will be positive and staying within this channel shows sideways to negative trend for it. Positional stop loss is hit at 5610 so we wait for break out again above 5650 on the futures to enter again. Intraday traders can look at the levels given below considering the open of today on spot nifty .
No trade between 5518 and 5556(To avoid whipsaws)
Buy above 5556 sl of 5536
targets 5574-5593(add positions, breakout on the upside),
5612-5630-5649-5668-5687.
Sell below 5518 sl of 5538
targets 5500-5481(add positions,breakout on the downside)
5463-5444-5426-5407-5389.
Happy Trading !!!
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