Nifty made a lower low of this swing at 5265.70 and closed at 5280.35.Below this low next fibonacci target can be at 5184.On the fibonacci fan we are at the support level of 50%.So nifty is precariously poised at double bottom and fibo fan support level.So below today's low we may move further downside and the move can accelerate further.Watch RSI(not shown in charts) nearing the 40 level where it needs to be watched where it is supported or not.Intraday traders can look at levels given below on spot nifty for trade on 06.03.2012.
Spot Nifty levels for intra-day trade on 06.03.2012
No trade between 5262 and 5298(to avoid whipsaws)
Buy above 5298 with SL of 5278
for targets of 5317-5335(breakout level on the upside,add positions) 5453-5371-5390-5408-5427-5345.
No trade between 5262 and 5298(to avoid whipsaws)
Buy above 5298 with SL of 5278
for targets of 5317-5335(breakout level on the upside,add positions) 5453-5371-5390-5408-5427-5345.
Sell below 5262 with SL of 5282
for targets of 5244-5226(breakdown level on downside, add positions)5208-5190-5172-5154- 5136- 5118.
Happy Trading !
for targets of 5244-5226(breakdown level on downside, add positions)5208-5190-5172-5154- 5136- 5118.
sir as per EW analysis NS target comes to 5085 What do u think?
ReplyDeleteHi Sameer,
ReplyDeletePredicting markets is a difficult task as market humble us when when think we know it.Nifty has made a double bottom.The rise also has been significant from 4500 levels.On break down on nifty further levels of 5180-5200 need to be watched carefully.On break of that level we will see further.
Regards
K B Raut