Nifty futures have retraced 110 points in two days from the high of 6239 yesterday. The break of second level resistance of 6216 and not sustaining above it showed the weakness. The trend strength can be seen above this level. The intermediate level of 6139 was also broken today with close at 6118.85. So for tomorrow positive above 6139 and weakness below it. The level one resistance at 6063 will be critical point for this trend. Intraday traders can look at the levels on spot nifty given below to trade on Wednesday.
Spot Nifty Levels for Trading on Wednesday :
No trade between 6095 and 6134(To avoid whipsaws)
Buy above 6134 sl of 6114
targets 6153-6172(add positions, breakout on the upside),
6191-6210-6229-6248-6267.
Sell below 6095 sl of 6115
targets 6076-6057(add positions,breakout on the downside)
6038-6019-6000-5981-5962.
Happy Trading !!!
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