Nifty has given a positive close after a negative close yesterday but was not able to cross the earlier high.This movement of spot nifty lacks clarity on the move.It should close above the 5400 mark on the spot to prove the trend.Also today was an inside day which makes it important tomorrow to watch it carefully.Breakout on either side will confirm the move.It should close above 5400 for up move and close below 5315 for down move.In between is a range of indecision.So positional traders need to sweat out till clarity is attained on spot nifty.In the chart support for the down move if it comes below 5315 comes to 5275 and below which we are again the downward channel.Intraday traders can look at the levels given below on spot nifty to trade on 09.02.2012.
Spot Nifty levels for intra-day trade on 09.02.2012
No trade between 5350 and 5387(to avoid whipsaws)
Buy above 5387 with SL of 5367
for targets of 5404-5422(breakout level on the upside,add positions) 5440-5458-5476-5494-5512-5530.
No trade between 5350 and 5387(to avoid whipsaws)
Buy above 5387 with SL of 5367
for targets of 5404-5422(breakout level on the upside,add positions) 5440-5458-5476-5494-5512-5530.
Sell below 5350 with SL of 5370
for targets of 5332-5314(breakdown level on downside, add positions)-5297 -5280-5263- 5246- 5229-5212.
Happy Trading !
for targets of 5332-5314(breakdown level on downside, add positions)-5297 -5280-5263- 5246- 5229-5212.
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