Nifty was in a range today of 70 odd points and made a new low at 5460.80 on the spot.The expiry saw profit booking but yet it was profitable to traders who could buy on dips.The short term trend is down with nifty making a lower low and lower high.We are still in contention for the target of 5400 from where we may get some clues of further move.The ADX indicator is converging and the momentum is flat.Breakout on the either side will decide the trend.Intraday traders can look for levels below for trade on 24.02.2012.
Spot Nifty levels for intra-day trade on 24.02.2012
No trade between 5465 and 5502(to avoid whipsaws)
Buy above 5502 with SL of 5482
for targets of 5520-5538(breakout level on the upside,add positions) 5556-5574-5792-5610-5628-5646.
No trade between 5465 and 5502(to avoid whipsaws)
Buy above 5502 with SL of 5482
for targets of 5520-5538(breakout level on the upside,add positions) 5556-5574-5792-5610-5628-5646.
Sell below 5465 with SL of 5485
for targets of 5447-5429(breakdown level on downside, add positions)-5411 -5393-5375- 5357- 5339-5321.
Happy Trading !for targets of 5447-5429(breakdown level on downside, add positions)-5411 -5393-5375- 5357- 5339-5321.
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