Nifty sideways movement was on again today by closing at the lower end. At start of day it was at the top end of the range. So till a decisive break out of the range of 100 points is not achieved it will be frustrating the traders. Looking at the red rising channel nifty has been retracing after hitting the top. Also it is retracing after touching the upper band of Bollinger Bands. RSI today has closed below 60 level so for any reversal on the upside it has to sustain above this level. Breach of 5625 on the future may accelerate the fall. Resistance on the upside is still 5728-5750 level and supports are at 5628-5587. Intraday traders can look at the levels on spot nifty given below to trade on Wednesday.
No trade between 5629 and 5667(To avoid whipsaws)
Buy above 5667 sl of 5647
targets 5686-5705(add positions, breakout on the upside),
5724-5743-5762-5781-5800.
Sell below 5629 sl of 5649
targets 5610-5581(add positions,breakout on the downside)
5562-5543-5524-5505-5486.
Happy Trading !!!
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