Nifty traded in range and consolidated above 50 week moving average .Same expectation is for today’s trade .hammer followed by inverted hammer at eod chart are there which are indicating for possibility of trend reversal,
apart from these candle stick signals, trading above 50 WMA and fib retracement level in oversold zone .
previous two sessions ,30 points range bound trades are indicating that market may blast in either side and this quick move will take nifty to 100- 150 points away from current level in 1 go may be 5650 or 5450 …
Buy on dips till Nifty spot is trading above 5537 ….keep maximum 20 points stoploss ..book gains above 20 points …do multiple trades till trading in 30 points range .
. positive to gapup opening is expected with posssibility of up move today .trade in nifty futures as per these levels .
Buy at / above: 5568 Targets: 5586 – 5604 – 5622-5648
Stoploss : 5549
Sell at / below: 5549 Targets: 5529-5515 – 5497 – 5478
Stoploss : 5568
NIFTY OUTLOOK AND TRADING LEVELS FOR 09 APRIL 13