Spot Nifty has started its correction from Friday with the freak trade but today it has broken the rising trendline. This indicates a clear loss of momentum on the upside. The levels of correction where may halt are 5628 and 5550. The recovery if any is not expected to start till nifty future is below 5738 The next resistance on the upside are 5786 and 5832 on nifty futures. So today trend players are stop lossed at 5738. Intraday traders can look at the levels given below on spot nifty to trade on Tuesday.
No trade between 5657 and 5695(To avoid whipsaws)
Buy above 5695 sl of 5715
targets 5714-5733(add positions, breakout on the upside),
5752-5770-5789-5808-5828.
Sell below 5657 sl of 5677
targets 5638-5619(add positions,breakout on the downside)
5601-5582-5563-5545-5526.
Happy Trading !!!
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