Nifty View for 07.02.2012

Nifty opened with a gap up today but could not sustain it and closed at 5361.65 after making a high of 5390.50.The day was full of up and downs but the close was positive above Fridays close.So another positive close on spot nifty.We are now reaching our target of 5400 given earlier.The chart shows the fibo levels for the top of Nov 2010 with the 50% level at 5432.The band of 5400-5432 will offer some resistance.This levels need to be watched carefully for any reversal to happen.Positional players can look to book profits at the 5400-5432 level and wait for further clarity on the move.The stop loss for the positional call can be placed at 5355.Intraday traders can look for the levels on spot nifty given below to trade on 07.02.2012.

Spot Nifty levels for intra-day trade on 07.02.2012
No trade between 5343 and 5380(to avoid whipsaws)
Buy above 5380 with SL of 5360 
for targets of 5398-5417(breakout  level on the upside,add positions) 5435-5452-5470-5487-5505-5522.

Sell below 5343 with SL of 5363 
for targets of 5325-5307(breakdown level on downside, add positions)-5290 -5278-5261- 5243- 5225-5208.

Happy Trading !