Spot Nifty had another positive day with a range of 30 points roughly. The resistance of 5781 on nifty futures is proving to be a tough one for the index. Once that is taken out on the futures next resistance could be 5820-5835 and the next hurdle is 5950. The level to watch on downside are 5728-5678-5625. In all no reversal signs yet on the nifty futures so one needs to follow the trend. Intraday traders can look at the levels on spot nifty to trade on Thursday.
No trade between 5712 and 5750(To avoid whipsaws)
Buy above 5750 sl of 5730
targets 5769-5788(add positions, breakout on the upside),
5807-5826-5845-5864-5883.
Sell below 5712 sl of 5732
targets 5693-5674(add positions,breakout on the downside)
5655-5636-5617-5598-5579.
Happy Trading !!!
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