Nifty View for 21.02.2012

Nifty has touched an high above 5600 which is very significant for it.Next target could be 5660-5700 on the radar.Foe this to achieve it should sustain above 5600 and first should close above it.The last session saw some profit booking so we closed below 5600.On the fibo fan the 5575 level is important as it demarcates the 61.8% level above which we could attain higher targets.Positional traders can be long above 5585 with stop loss of 5565 with targets of 5660-5700.Intrday traders can look at the levels given below for trade on spot nifty for 21.02.2012.

Spot Nifty levels for intra-day trade on 21.02.2012
No trade between 5546 and 5584(to avoid whipsaws)
Buy above 5584 with SL of 5564 
for targets of 5602-5620(breakout  level on the upside,add positions) 5638-5656-5674-5692-5710-5738.

Sell below 5564 with SL of 5584 
for targets of 5548-5530(breakdown level on downside, add positions)-5512 -5492-5474- 5456- 5438-5420.

Happy Trading !