Nifty finally broke down after weeks of sideways move and timing was the rates policy announced today. As shown in charts the 5640 is the level below which the trend is down. The downside targets possible may be up to 5549 on the futures. Spot nifty has closed below the psychological level of 5600 after many days. The correction could continue till end of week and reversal may be seen from next week if not early. The upside targets will depend upon the lows made in this correction. Deeper the low formed the target on the upside will get reduced. Currently the upside targets are 5922-5950 levels after the correction gets over. So any recovery if seen will be on crossing the level of 5640 and then 5680-5738-5786. Intraday traders can look at the levels given below on spot nifty to trade on Wednesday.
No trade between 5579 and 5617(To avoid whipsaws)
Buy above 5617 sl of 5597
targets 5636-5655(add positions, breakout on the upside),
5674-5693-5711-5730-5749.
Sell below 5579 sl of 5599
targets 5560-5541(add positions,breakout on the downside)
5522-5503-5484-5465-5446.
Happy Trading !!!
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