Nifty had a pause today after making a bottom at 5613.20 and closed the day at 5643.80 but could not sustain above 5650 levels. The pivot is at 5640 and we closed near it. Below 5640 the targets could be 5559 and 5527 as shown on charts. The bottom of this week will be significant for next two weeks as recovery can be expected from next week. The future targets for this move are around 5922-5950 levels. Intraday traders can look at the levels on spot nifty to trade on Thursday.
No trade between 5601 and 5638(To avoid whipsaws)
Buy above 5638 sl of 5618
targets 5657-5676(add positions, breakout on the upside),
5695-5714-5733-5752-5771.
Sell below 5601 sl of 5621
targets 5582-5563(add positions,breakout on the downside)
5544-5525-5506-5487-5468.
Happy Trading !!!
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