Nifty View for 14.02.2012

Nifty has been consolidating for last few days and within the range.Its testing the patience of intraday and positional players both.This is what happens in markets when price reaches earlier than time and excesses if any in prices do get corrected to adjust the time cycles.This is an excellent example for the said phenomenon.Well with each day passing its like the correction will happen next day or will happen very soon.So no one is to be blamed for the same as markets have their own ways and act accordingly.What is currently needed is to find the right method with which one can adopt to the market and be even with it.Positional traders need to have patience.In the above chart the resistance and support levels are shown with the symmetry.One look can at it for some clues.Now till we break out of this range no momentum can be witnessed.Try to go with the breakout as when it happens with suitable stop loss as things can turn volatile.Intraday traders can look at the levels given below for trade on 14.02.2012 for spot nifty.

Spot Nifty levels for intra-day trade on 14.02.2012
No trade between 5372 and 5408(to avoid whipsaws)
Buy above 5408 with SL of 5388 
for targets of 5426-5443(breakout  level on the upside,add positions) 5461-5479-5496-5518-5536-5554.

Sell below 5372 with SL of 5392 
for targets of 5355-5337(breakdown level on downside, add positions)-5319 -5301-5284- 5266- 5249-5232.

Happy Trading !