Nifty has reversed today and the gap up trend has been stopped for today.It was one way down from start today with the spot nifty breaking the 5400 level and closing at 5380.50.A fall of 82 points is a significant one and will make traders very cautious about their positions.This week can be very crucial for further trend and close will decide the future trend.A weekly close above 5400 will be bullish and close below 5300 will be bearish.In between close will have traders squaring their positions for the week.Nifty is still in a falling channel and made a lower top which will be on the minds of bulls.On the daily charts till nifty is above the middle trendline of the falling channel it may chance of recovery.Break of that trendline could accelerate the fall.Intraday traders can look at the levels on spot nifty given below to trade on 16.03.2012
Spot Nifty levels for intra-day trade on 16.03.2012
No trade between 5362 and 5399(to avoid whipsaws)
Buy above 5399 with SL of 5379
for targets of 5417-5435(breakout level on the upside,add positions) 5453-5471-5489-5507-5525-5543.
No trade between 5362 and 5399(to avoid whipsaws)
Buy above 5399 with SL of 5379
for targets of 5417-5435(breakout level on the upside,add positions) 5453-5471-5489-5507-5525-5543.
Sell below 5362 with SL of 5382
for targets of 5344-5326(breakdown level on downside, add positions)5308-5290-5262-5244-5226- 5208- 5190.
Happy Trading ! for targets of 5344-5326(breakdown level on downside, add positions)5308-5290-5262-5244-5226- 5208- 5190.
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