As posted in Weekend Post and last Update , we are in a correction within a correction of Higher TF , hence Whipsaws and Test of crucial levels are expected.Today was one such day where the Weekly SAR of 5625 got whipsawed .
Now for Tomorrow's trading one can consider following -
1. Nifty closed at apprx. 5dema level of 5600. Todays high was the high of this Week and last three days are in uptrend with HH and HL .
2. Broader Trading Range may be between 5550-5650. (as per Emas and Pivots)
3. This range may be traded with intraday SAR of 5575 as suggested by 5d Volume Profile. The supports and resistances are marked in the chart.
4. Options data suggest 5500 as a good support on closing basis ,5600 as conflict level and 5700 as immediate resistance level . Fine tuning it with 5demas and volume profile gives 5530 as good support on closing basis ,5640/50 as conflict level and 5710 as resistance.
5. The EW count suggests two equally probable counts for tmrw. The Preferable count in Red suggests a downmove of b wave initially , then may be the c wave up, whereas the Blue alternate suggests a trend day with down bias. Hence the use of intraday SAR may help to judge the bias and trade.
All indications of a Choppy day ahead , so trade light and carry Positionals home only on closing below 5500 or above 5650.