Nifty today saw trade in 50 point range. It tried to cross yesterday's high, but could not sustain there and fell back to close almost flat at 5441.
Important thing is that we have closed above 5400 in spot and also tried to breach last day's high.
Nifty future made a high of 5454
and low of 5404
and finally closed at 5441
NOW WHAT NEXT
Now keep an eye on 5450-55 levels, breach on upside of these levels will take nifty future to 5470-80 in no time.
At the same time 5390-75 are good support levels and are unlikely to break, if break then expect 5350-35-20 in minutes only.
I would advise to wait for dips to buy again in nifty as presently 5500 may act as stiff resistance and may trigger some correction in otherwise correction less rally.
Any dip towards 5375 should be used as buying opportunity with stop loss at 5340 level.
NOTE: TODAY INITIATED A BUY ON JP AUG FUT @77-76.5 WITH SL 74.5-75 TARGETS 79-83-85-HIGHER, TIMEFRAME 2-3 WEEKS. IT MADE HIGH OF 78.6, I AM STILL LONG.
ALSO INITIATED BUY ON LARSEN @1460 SL 1430 TARGET 1500+
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