Nifty had a great fall today and no respite for bulls with bears hammering the index from the word go.A very weak opening for the week on index with gap down and moving down till end.It was breaking of supports all the way to 61.8% level of retracement of 5290 and we closed below it at 5281.20.Foe any recovery it should cross this level of 5290 tomorrow.If it crosses it then resistance can be 5356 and 5422.On the downside we may reach the next level of 78.6% at 5197.The ADX is showing weakness with the positive and negative DI lines meeting each other today.The momentum indicator has turned clearly downward.For any positive move the positive and negative DI should away from each in opposite direction.The level of 5266 is critical below which we may retrace up to 5040.Intraday traders can look at levels given below on spot nifty to trade on 28.02.2012.
Spot Nifty levels for intra-day trade on 28.02.2012
No trade between 5263 and 5299(to avoid whipsaws)
Buy above 5299 with SL of 5279
for targets of 5318-5336(breakout level on the upside,add positions) 5354-5372-5390-5408-5426-5444.
No trade between 5263 and 5299(to avoid whipsaws)
Buy above 5299 with SL of 5279
for targets of 5318-5336(breakout level on the upside,add positions) 5354-5372-5390-5408-5426-5444.
Sell below 5263 with SL of 5283
for targets of 5245-5227(breakdown level on downside, add positions)-5209 -5197-5179- 5161- 5143-5125.
Happy Trading !
for targets of 5245-5227(breakdown level on downside, add positions)-5209 -5197-5179- 5161- 5143-5125.
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