Nifty has recovered lost ground today by closing at 5375.50.It needs to confirm it has made a swing low by holding it at least for tomorrow.It should move above 5400 to be in the positive territory.A close above 5450 will convince us about some positive momentum on spot nifty.Today was an inside day so tomorrow can be volatile to keep us guessing after two days see-saw movement.A move below 5320 can be considered negative for nifty.Above 5400 one can be positive for nifty.The ADX indicator has the momentum indicator headed down and the positive and negative DI have diverged with today's move.One needs to keep watch on these for further clues.Intraday traders can look for levels given below to trade on spot on 29.02.2012.
Spot Nifty levels for intra-day trade on 29.02.2012
No trade between 5357 and 5393(to avoid whipsaws)
Buy above 5393 with SL of 5373
for targets of 5412-5430(breakout level on the upside,add positions) 5449-5467-5486-5504-5523-5541.
No trade between 5357 and 5393(to avoid whipsaws)
Buy above 5393 with SL of 5373
for targets of 5412-5430(breakout level on the upside,add positions) 5449-5467-5486-5504-5523-5541.
Sell below 5357 with SL of 5377
for targets of 5339-5320(breakdown level on downside, add positions)-5302 -5284-5266- 5248- 5230-5212.
Happy Trading !
for targets of 5339-5320(breakdown level on downside, add positions)-5302 -5284-5266- 5248- 5230-5212.
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.