Spot Nifty opened today at 5704 made at high of 5722.95 and low of 5694 and closed the day at 5718.80. In all a small range for the day but a positive one. The hurdle on spot is 5760 above which we may see further up move on the index. On nifty futures chart above the Friday's high is current resistance. We have Murrey Maths level at 5781 on nifty futures as resistance. The next MM level is at 5859 on the nifty futures. So between the levels of 5703 and 5781 we may see sideways action with consolidation. Tomorrow markets are closed. Intraday traders can look at the levels on spot nifty to trade on Wednesday.
No trade between 5700 and 5738(To avoid whipsaws)
Buy above 5738 sl of 5718
targets 5557-5776(add positions, breakout on the upside),
5795-5814-5833-5852-5871.
Sell below 5700 sl of 5720
targets 5681-5662(add positions,breakout on the downside)
5643-5625-5606-5587-5568.
Happy Trading !!!
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