Nifty View for 23.03.2012

"The Great Indian Equity Circus"..the show goes on one day up and one day down...the same story for trapped investors.Hopes raised for recovery and dashed again.But as per the saying "No Pain No Gain" is what markets are.A bearish engulfing candle and an outside day is the picture.Last hope is 5171.45 level where the bulls can make last ditch effort.Will it be taken in gap down or we hold the  forte only time will tell..Another Friday cliff-hanger and important weekly close.The chart above shows the daily picture.Intraday traders can look at the levels on spot nifty given below for trade on Friday 

Spot Nifty levels for intra-day trade on 23.03.2012
No trade between 5210 and 5246(to avoid whipsaws)
Buy above 5246 with SL of 5226 
for targets of 5264-5282(breakout  level on the upside,add positions) 5300-5318-5355-5373-5391-5408.

Sell below 5210 with SL of 5230 
for targets of 5182-5164(breakdown level on downside, add positions)5146-5128-5110-5092-5074-5056.

Happy Trading !