Nifty futures had another red day and hit a new low at 5747.20 and closed the day at 5776.90. On charts we hit the dotted line and the channel bottom. So technically the short trade target for the channel bottom is achieved. The close below the level of 5791.50 the 61.8% retracement level is negative for the index. So for tomorrow watch this level for intraday trading. All indicators are at crucial levels and need to be watched. Staying within channel and bouncing from the bottom will see recovery. Breaking the channel on the downside and closing below it will be continuing the downtrend. Trend players can use the main levels. Intraday traders can look at the levels on spot nifty given below.
Spot Nifty Levels for Trading on Wednesday :
No trade between 5741 and 5779(To avoid whipsaws)
Buy above 5779 sl of 5759
targets 5798-5817(add positions, breakout on the upside),
5836-5855-5874-5893-5912.
Sell below 5741 sl of 5761
targets 5722-5703(add positions,breakout on the downside)
5684-5665-5646-5627-5608.
Happy Trading !!!
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