Nifty (spot) 4126.90
Nifty Intraday trading levels
Today, if Nifty trades below 4160, then it could test 4050 and below 4050, it could test 3950. Instead, if it trades above 4160, then it could test 4200.
Nifty Trading Strategy for intraday and positional trading
For intraday, the crucial level is 4160. Trade short below this level and trade long above this level.
Positional traders can initiate shorts if it fails to sustain above 4160.
Short term Technical View of Nifty
Now, the rally from the low of 3800 to 4305 is being corrected. The most likely level for Nifty to terminate its correction is around 3900-3950 level.
In the upper side, Nifty is likely to turn bullish for short term, if it trades above 4160. Until then the trend would remain bearish.