Spot nifty continued its downtrend today and closed at 5652.15 with a loss of 52 points. On nifty futures we had support at 5698 which was breached intraday and the downtrend continued with it. The next target on the downside could be 5608-5537-5467. Now on the upside resistance are 5698-5738-5786. Positional traders can lower the stop loss to 5698 and hold positions. Intraday traders can look at the levels on spot nifty given below to trade on Thursday.
No trade between 5633 and 5671(To avoid whipsaws)
Buy above 5671 sl of 5651
targets 5690-5709(add positions, breakout on the upside),
5728-5747-5766-5785-5804.
Sell below 5633 sl of 5653
targets 5614-5595(add positions,breakout on the downside)
5576-5557-5538-5519-5500.
Happy Trading !!!
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