Nifty sideways movement continues with it moving from the lower end of channel to upper end of channel. A close above 5700 is positive but will it be sustained is the big question considering the recent moves on it. On nifty futures the close is at 5718 as seen in chart and just touching the resistance of the red trend indicator. For nifty future to be positive it has to cross the 5781 level and show strength above it. The keenly watched level on downside is 5625 which has been defended well yet. So playing within the channel has been profitable for last week and strategy remains same until we have a breakout on either side. Keeping small volumes of trades will be beneficial seeing the truncated trading week ahead. Intraday traders can look at the levels on spot nifty given below to trade on Tuesday. Wednesday being holiday no update for it.
No trade between 5698 and 5736(To avoid whipsaws)
Buy above 5736 sl of 5716
targets 5755-5774(add positions, breakout on the upside),
5793-5812-5831-5850-5869.
Sell below 5698 sl of 5718
targets 5679-5660(add positions,breakout on the downside)
5641-5622-5603-5584-5565.
Happy Trading !!!
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