Nifty View for 01.03.2012

Nifty made a higher low today indicating a reversal but could not close above 5400 after reaching a high of 5458.Still a higher high and higher low is change of trend after making a significant bottom at 5268.Nifty closed today the lower end of the range formed which is important.Nifty should move out of the 5325-5425 range which was the consolidation zone earlier to give a trending move.The ADX momentum indicator is headed down below 40.The positive DI and negative DI are diverging from each other but still very close to each other to give a trending move.So no fireworks expected yet as we are moving in a range.Intraday traders can look at the levels given below to trade on 01.03.2012.

Spot Nifty levels for intra-day trade on 01.03.2012
No trade between 5367 and 5403(to avoid whipsaws)
Buy above 5403 with SL of 5383 
for targets of 5422-5440(breakout  level on the upside,add positions) 5459-5477-5496-5514-5533-5551.

Sell below 5367 with SL of 5387 
for targets of 5349-5330(breakdown level on downside, add positions)-5312 -5294-5276- 5258- 5240-5222.

Happy Trading !