Nifty View for 12.03.2012

Nifty has recovered most of the lost ground today by opening with a gap up and defended the gap for the day.The close above 5300 is positive for the spot nifty after breaching the 5200 level on intraday basis on wednesday.This gap will act as a support for time being if not closed soon.On weekly charts it should close above 5355 level to be positive.On monthly charts it should close above the 5460 level to be positive.On daily charts it has reached the upper end of the falling channel.The break of this channel on the upside will be positive for short term.Nifty will be sideways in between this channel.Breakdown of this channel will mark fresh downtrend for nifty.Next week is crucial for future trend with budget round the corner.Do we witness a budget rally is to seen ahead...Intraday traders can look at levels given below on spot nifty to trade on Monday.

Spot Nifty levels for intra-day trade on 12.03.2012
No trade between 5315 and 5352(to avoid whipsaws)
Buy above 5352 with SL of 5332 
for targets of 5370-5384(breakout  level on the upside,add positions) 5402-5420-5438-5456-5474-5492.

Sell below 5315 with SL of 5335 
for targets of 5297-5279(breakdown level on downside, add positions)5261-5243-5225-5207- 5189- 5171.

Happy Trading !