Nifty today opened with a gap up but could not sustain it broke the 5300 level and closed at 5257.05.Above chart shows the GMMA averages cluster on nifty future.As per the cluster Nifty future has last support at 5243 level below which the downtrend may accelerate.We had taken support on this last average for earlier low which can be seen from chart.The RSI shows level of 44.82 which near the earlier bottom level of 42.88.The breach of this level on RSI will also indicate prices are headed down.For nifty future to be positive it needs to cross the 5348 level and also cross the 60 level on RSI soon.Between 5250 and 5350 can be consolidation for nifty future.Intraday traders can look at the levels on spot nifty given below to trade on 20.03.2012.
Spot Nifty levels for intra-day trade on 20.03.2012
No trade between 5239 and 5275(to avoid whipsaws)
Buy above 5275 with SL of 5255
for targets of 5303-5320(breakout level on the upside,add positions) 5348-5365-5383-5401-5419-5437.
No trade between 5239 and 5275(to avoid whipsaws)
Buy above 5275 with SL of 5255
for targets of 5303-5320(breakout level on the upside,add positions) 5348-5365-5383-5401-5419-5437.
Sell below 5239 with SL of 5259
for targets of 5221-5203(breakdown level on downside, add positions)5186-5169-5152-5135-5118- 5101.
Happy Trading !for targets of 5221-5203(breakdown level on downside, add positions)5186-5169-5152-5135-5118- 5101.
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