Nifty futures opened with a gap up and stay there for the day and in the afternoon gave up all the gains to close at 5642. The new low made for the series is at 5633.90 today. The high for the series is at 5990.10 on 11.03.2013. The structure of the price action formed on charts does not say the correction is over but the two bottoms formed are very near to each other.The level on downside to watch is 5552 on the futures which is our level 1 support for the series and is yet to be hit. Only sustaining above 5684 we may see some recovery for the series with only two days remaining. Both indicators are near their bottoms and the correction seems to time-wise one with price action not breaking on the downside below the support 1 level of 5552. The recovery may be sharp after this correction so be ready for it as and when it happens. With expiry looming overhead keep positions light and work with levels given to be on the safer side. Intraday traders can look at the levels on spot nifty given below to trad on Tuesday.
Spot Nifty Levels for Trading on Tuesday :
No trade between 5615 and 5653(To avoid whipsaws)
Buy above 5653 sl of 5633
targets 5672-5691(add positions, breakout on the upside),
5710-5729-5748-5767-5786.
Sell below 5615 sl of 5635
targets 5596-5577(add positions,breakout on the downside)
5558-5539-5520-5501-5482.
Happy Trading !!!
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