Nifty is still making new highs everyday which is showing the strength of the move.It is making higher top and higher bottoms so the trend is up.no shorts are to be yet initiated.We are long on spot positionally at 5240 and yet no stop loss is triggered for the call.As mentioned there will swings both ways with high volatility.This phenomenon was observed today for intraday.So trading today would have been a painful experience.I would say we are nearing a level where volatility will rule the market.So work with great care and as per your risk limits.I have said to watch 03.02.2012 as an important date for spot nifty so please be careful.This month till first week of March 2012 will be a very learning experience for traders.We have a target of 5315 on spot nifty for positional call.We have achieved 5290 yet so those who could book would have in profit.As I had mentioned profit booking daily.Intraday traders can look for the levels given below on spot nifty to trade on 03.02.2012.
Spot Nifty levels for intra-day trade on 03.02.2012
No trade between 5254 and 5290(to avoid whipsaws)
Buy above 5290 with SL of 5270
for targets of 5309-5327(breakout level on the upside,add positions) 5336-5354-5372-5390-5408-5424.
No trade between 5254 and 5290(to avoid whipsaws)
Buy above 5290 with SL of 5270
for targets of 5309-5327(breakout level on the upside,add positions) 5336-5354-5372-5390-5408-5424.
Sell below 5254 with SL of 5274
for targets of 5236-5218(breakdown level on downside, add positions)-5200 -5182-5166- 5148- 5130-5122.
Happy Trading !
for targets of 5236-5218(breakdown level on downside, add positions)-5200 -5182-5166- 5148- 5130-5122.
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