Nifty broke the low of yesterday and closed below yesterday's close at 5339.75.So the low of 5268.15 will be critical for the swing on nifty.If we break and continue below it will accelerate the downtrend.Nifty needs to close above 5460 to continue this swing and gather momentum.The ADX indicator shows us the momentum is down and the positive and negative DI at cross-roads.Nifty looks negative below 5373 and break of 5300 can retrace to 5213 next fibonacci level.Intraday traders can look at the levels on spot nifty to trade on 02.03.2012.
Spot Nifty levels for intra-day trade on 02.03.2012
No trade between 5321 and 5358(to avoid whipsaws)
Buy above 5358 with SL of 5338
for targets of 5376-5395(breakout level on the upside,add positions) 5413-5431-5450-5468-5487-5505.
No trade between 5321 and 5358(to avoid whipsaws)
Buy above 5358 with SL of 5338
for targets of 5376-5395(breakout level on the upside,add positions) 5413-5431-5450-5468-5487-5505.
Sell below 5321 with SL of 5341
for targets of 5303-5285(breakdown level on downside, add positions)-5267-5249-5231- 5212- 5194-5177.
Happy Trading !
for targets of 5303-5285(breakdown level on downside, add positions)-5267-5249-5231- 5212- 5194-5177.
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