Tomorrow we are having a special trading session between 11.15 to 12.45.This truncated sessions have been less volume days with no major participation from regular players.Still its a trading day so keeping low commitments will be ideal for compulsory traders.Today nifty was again trading the range of 5300-5400.Nifty needs a close above 5425 to gather momentum.Things have been quite for nifty in few days so one be cautious about the breakout on either side and should be quick to align with it.One needs to observe whether nifty makes a lower top or moves further ahead in this swing.The low of 5268 is still intact so trend is sideways.On chart some fibo circles are drawn at critical points to measure the movement on nifty as per symmetry formed by price action.One has to wait patiently to take positions till breakout happens.Intraday traders can look at levels given below on spot nifty for 03.03.2012.
Spot Nifty levels for intra-day trade on 03.03.2012
No trade between 5340 and 5377(to avoid whipsaws)
Buy above 5377 with SL of 5357
for targets of 5396-5414(breakout level on the upside,add positions) 5432-5451-5469-5488-5506-5525.
No trade between 5340 and 5377(to avoid whipsaws)
Buy above 5377 with SL of 5357
for targets of 5396-5414(breakout level on the upside,add positions) 5432-5451-5469-5488-5506-5525.
Sell below 5340 with SL of 5360
for targets of 5322-5304(breakdown level on downside, add positions)5285-5268-5250-5232- 5213- 5195.
Happy Trading !
for targets of 5322-5304(breakdown level on downside, add positions)5285-5268-5250-5232- 5213- 5195.
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