Nifty opened with a huge gap but could not sustain it and closed at 5359.55 after closing the gap.Today's low was at 5327.30 an higher low so the trend is up with higher high and higher bottom formation on spot nifty.The downward channel resistance comes at 5460.The break of which on the upside will add momentum to nifty.ADX show a crossover of positive DI over negative DI but the momentum indicator is still heading down.The momentum can pick up if the RSI rises above 40 level where it is currently resisted.Intraday traders can look at the level given below on spot nifty to trade on 13.03.2012.
Spot Nifty levels for intra-day trade on 13.03.2012
No trade between 5341 and 5378(to avoid whipsaws)
Buy above 5378 with SL of 5358
for targets of 5396-5414(breakout level on the upside,add positions) 5433-5451-5470-5488-5507-5525.
No trade between 5341 and 5378(to avoid whipsaws)
Buy above 5378 with SL of 5358
for targets of 5396-5414(breakout level on the upside,add positions) 5433-5451-5470-5488-5507-5525.
Sell below 5341 with SL of 5361
for targets of 5323-5305(breakdown level on downside, add positions)5285-5268-5251-5223- 5205- 5188.
Happy Trading !for targets of 5323-5305(breakdown level on downside, add positions)5285-5268-5251-5223- 5205- 5188.
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