Nifty futures today opened with a gap up and then closed the gap and moved in 40 point range to close with a small loss from yesterday's close. Nifty futures should sustain above the level of 5936 for further gains. Below 5936 it is susceptible to more correction and can fall to 5820 levels on further weakness. So keeping positions light and small profit targets are the norm of the day on sideways movements. Positional traders need to wait for right opportunity. Intraday traders can look at the levels on spot nifty to trade on Thursday.
No trade between 5870 and 5908(To avoid whipsaws)
Buy above 5908 sl of 5888
targets 5927-5946(add positions, breakout on the upside),
5965-5984-6003-6022-6041.
Sell below 5870 sl of 5890
targets 5851-5832(add positions,breakout on the downside)
5813-5794-5775-5756-5737.
Happy Trading !!!
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