Nifty looks trapped between the 100 points of 5650 to 5750. Its been a sideways week yet but one never knows when a trending move will come up. So one needs to be vigilant and look for opportunity as and when it happens. Its been a 100 point channel and currently we are at the bottom of the 200 points range from the top of 5850. There have been bounces to the 5750 levels but no close above it. Breach of 5650 may add 100 points on the down side if its a quick move. In such sideways situation profit booking with small stop losses will work and carrying forward the positions can be frustrating. If you get a move either side do trail your profits when you see them or you may loose it or will hit stop losses after seeing them. For the remaining series the 5625 is the pivot level and resistance are 5700 and 5776. Supports are at 5551 and 5476. Intraday traders can look at the levels on spot nifty given below.
No trade between 5641 and 5679(To avoid whipsaws)
Buy above 5679 sl of 5659
targets 5698-5717(add positions, breakout on the upside),
5736-5755-5774-5793-5810.
Sell below 5641 sl of 5661
targets 5622-5605(add positions,breakout on the downside)
5586-5567-5548-5529-5510.
Happy Trading !!!
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