Another down day for spot nifty with the spot nifty opening negative recovering and giving the gains and then again recovering at the end of the day. The day played perfectly to tunes of option writers with premiums erosion being the mark of the day. With expiry tomorrow another interesting finish for the September series. On charts Nifty futures was near the supports of 5630 and recovered from there. The key level to be watched for tomorrow is 5630 if sustaining below 5650. This level has been defended in this correction for last three days. So will it be reached on expiry is to seen. Nifty futures are near our first support 5665 and next is 5625. Resistance on the upside are 5704 and 5744. Trend players need to wait out for the time being as money saved is money gained. Protect your capital because there can be good days in markets where you can earn huge amounts so bad days in markets are the days to be watched with minimum losses. Else you will give all the gains of the markets and may be in position of loosing your capital. Intraday traders can watch the levels on spot nifty given below to trade on Thursday.
No trade between 5645 and 5682(To avoid whipsaws)
Buy above 5682 sl of 5662
targets 5701-5720(add positions, breakout on the upside),
5739-5758-5777-5796-5815.
Sell below 5645 sl of 5665
targets 5627-5608(add positions,breakout on the downside)
5589-5571-5552-5533-5515.
Happy Trading !!!
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