Nifty ended the day with a small negative close at 5220.45 after the fall of few days.The nifty has retraced 38.2 % of the rise and closed just above it.Below the 50% level come around 5070.The break of 5175 will confirm more downside on nifty.The 5400 level was critical for spot nifty as we went 220 points up and now we are 220 points down at 5220.The 200 EMA level is at 5185.The RSI has moved down the 40 level.Also the accumulation-distribution indicator shows the distribution occurring at higher levels.On the upside resistance could be upto 5400.Above which one can think of longs.Intraday traders can look at the levels on spot nifty given below to trade on 09.03.2012.
Spot Nifty levels for intra-day trade on 09.03.2012
No trade between 5202 and 5238(to avoid whipsaws)
Buy above 5238 with SL of 5218
for targets of 5256-5274(breakout level on the upside,add positions) 5292-5310-5328-5346-5364-5382.
No trade between 5202 and 5238(to avoid whipsaws)
Buy above 5238 with SL of 5218
for targets of 5256-5274(breakout level on the upside,add positions) 5292-5310-5328-5346-5364-5382.
Sell below 5202 with SL of 5222
for targets of 5184-5166(breakdown level on downside, add positions)5148-5130-5112-5094- 5076- 5058.
Happy Trading !for targets of 5184-5166(breakdown level on downside, add positions)5148-5130-5112-5094- 5076- 5058.
HI!
ReplyDeleteJust for the benefit of blog users ,
Small correction in the data needed, it is 220 points, 5400+220=5620 , 5400-220= 5180.
Chetas
Hi Chetas,
ReplyDeleteThanks.Error is regretted.Please read the same in charts as 220 points.
Regards
K B Raut