Nifty futures again moved in a narrow range as we near the expiry diminishing the options premiums. The close was a gain of 15 points on Fridays close at 5868.00. Currently we are at the bottom of the range of 5840 to 5950. Breaching the monthly pivot of 5821 may lead us to 5747 levels. On the upside level to watch is 5898-5928-5950. For Monday we saw it above the level of 5858 but could not cross the 5898 level. For Wednesday staying below 5858 will be negative for the futures and crossing 5898 will be positive. Intraday traders can look at the levels on spot nifty given below to trade on Wednesday.
No trade between 5837 and 5875(To avoid whipsaws)
Buy above 5875 sl of 5855
targets 5894-5913(add positions, breakout on the upside),
5932-5951-5970-5989-6008.
Sell below 5837 sl of 5857
targets 5818-5799(add positions,breakout on the downside)
5780-5761-5742-5723-5704.
Happy Trading !!!
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