Nifty Recovery is on as long as it stays within the channel. The breakout may come out of the channel and sustaining above it. Use the pivot level of 5757 for trend players with suitable stop loss and targets given earlier.Indicators are mixed bag with RSI showing divergence and MFI is not showing strength but still its above the last low. For further strength RSI should cross the level of 55 and MFI should stay above the level of 40. Intraday players can use the intraday level given below on spot nifty to trade on Wednesday.
Spot Nifty Levels for Trading on Wednesday :
No trade between 5729 and 5767(To avoid whipsaws)
Buy above 5767 sl of 5747
targets 5786-5805(add positions, breakout on the upside),
5824-5843-5862-5881-5900.
Sell below 5729 sl of 5749
targets 5710-5681(add positions,breakout on the downside)
5662-5643-5624-5605-5586.
Happy Trading !!!
Super Man.
ReplyDelete