Nifty has been range bound today making a lower high of 5059.55 against a high of 5064.15 on Friday.For change in trend we need a lower low below the low of 5004.30 on Friday.So we need to watch both levels tomorrow and take positions accordingly.Till then the trend is up for nifty.The ADX indicator is supporting the move strongly.The negative DI is headed down, positive DI is still up and the momentum ADX is in up direction.Positional traders who are long can trail with stop loss of 5030.Intraday traders can look at the levels on spot nifty given below for trade on 24.01.2012.
Spot Nifty levels for intra-day trade on 24.01.2012
No trade between 5028 and 5064(to avoid whipsaws)
Buy above 5066 with SL of 5046
for targets of 5082-5100(breakout level on the upside,add positions) 5118-5136-5154-5172-5190-5207.
No trade between 5028 and 5064(to avoid whipsaws)
Buy above 5066 with SL of 5046
for targets of 5082-5100(breakout level on the upside,add positions) 5118-5136-5154-5172-5190-5207.
Sell below 5028 with SL of 5048
for targets of 5010-4992(breakdown level on downside, add positions)-4975 -4957-4939- 4922- 4904-4887.
Happy Trading !
for targets of 5010-4992(breakdown level on downside, add positions)-4975 -4957-4939- 4922- 4904-4887.
Happy Trading !
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