Nifty after gap down opening remained range bound not giving any good intraday opportunity to play today as the range was very narrow also nifty was able to close and hold the level above 5000 which is psychological level still the trend remain up above 4960 levels and buying on dip and selling on rise shall be profitable strategy as nifty not doing much and may fall in a small range of 4950 – 5150 so either side shall give a move of 150 pts Now the next channel support is at 4960 levels which is marked by blue line
Now for tomorrow if nifty trades below 5053 levels it shall remain weak and can drift down to the levels of 4973 – 4924 -4845 with the stop loss of 5083 above which nifty can have a ride to 5163 – 5212 – 5292 still the trend for tomorrow is not clear but some more downside is expected. But unless nifty trades and closes above 4960 buy on dip shall be more profitable.
Positional shorts below 4925 only until then try to buy near stop loss or play intraday levels.
Nifty swing shall change if close below 4960 WHICH IS MARKED BY PINK LINE for two days till then swing is Up
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