Nifty had another pause and some recovery from the loss of 100 points on policy day. The strength was seen above 5640 and close is near the resistance of 5680 which was crossed intraday by it. For tomorrow sustaining above 5680 will face hurdle at 5738 and breaking support of 5640 will make it negative. Below 5640 the supports are at 5587-5559-5527. Next week looks good for the trend and we may see recovery from there. For recovery we should close above 5738 and take out the level of 5786. Friday close is important will guide us further for the next week. Intraday traders can look at the levels on spot nifty given below to trade on Friday. Just remember the monthly pivot for this series is at 5747 and we are below it.
No trade between 5626 and 5664(To avoid whipsaws)
Buy above 5664 sl of 5644
targets 5683-5702(add positions, breakout on the upside),
5721-5740-5759-5778-5797.
Sell below 5626 sl of 5646
targets 5607-5588(add positions,breakout on the downside)
5569-5550-5531-5512-5493.
Happy Trading !!!
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