Nifty made a new high today and also gave a close above 5600 which a positive for it.On the chart the fibonacci retracement from bottom of March 2009 to November 2010 shows we are above the 78.6% level.So on the upside we are positive above this level of 5524.If we sustain above this level we may move further on the upside to 5700-5750.Positionally we are long on nifty at 5585 with sl of 5565 for targets of 5660-5700.Spot nifty was above this level for one month between late June 2011 to late July 2011.But the ride was bumpy for nifty.Prior to that this very level breakout had provided momentum to nifty on two occasions i.e.Sept 2010 and March 2011.Here we are at the same level after nearly a year again.After such a prolonged up move it will definitely take more time to form a reversal on the index.So do not rush to short yet.Intraday traders can look at levels on spot nifty to trade for 22.02.2012 given below.
Spot Nifty levels for intra-day trade on 22.02.2012
No trade between 5589 and 5626(to avoid whipsaws)
Buy above 5626 with SL of 5606
for targets of 5645-5664(breakout level on the upside,add positions) 5682-5701-5720-5739-5758-5777.
No trade between 5589 and 5626(to avoid whipsaws)
Buy above 5626 with SL of 5606
for targets of 5645-5664(breakout level on the upside,add positions) 5682-5701-5720-5739-5758-5777.
Sell below 5589 with SL of 5609
for targets of 5570-5552(breakdown level on downside, add positions)-5533 -5514-5495- 5477- 5458-5540.
Happy Trading !.for targets of 5570-5552(breakdown level on downside, add positions)-5533 -5514-5495- 5477- 5458-5540.
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