Nifty futures opened with a gap up of 15 points and moved up and closed the earlier breakdown gap within no time. This made the recovery smooth for the day and there was no looking back till close. The resistances of 5673 and 5701 were clipped on the way. Futures nearly touched the monthly pivot of 5747 as the high was 9 points short of it. The close is at 5734.60 so trend players can hold now with stop loss at 5721. Intraday traders can look at the levels on spot nifty given below to trade on Thursday.
No trade between 5709 and 5746(To avoid whipsaws)
Buy above 5746 sl of 5726
targets 5765-5784(add positions, breakout on the upside),
5803-5822-5841-5860-5879.
Sell below 5709 sl of 5729
targets 5690-5671(add positions,breakout on the downside)
5652-5633-5614-5595-5576.
Happy Trading !!!
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