Nifty opened gap down today and could recover the loss to close at 5234.40. Nifty is making lower top and lower bottoms hence the trend is down. The fibo fan level of 61.8% has been acting as support for nifty with one dip below it. This level if is breached by nifty then it may challenge the low of 5135.95. The Force Index Indicator is also on the borderline. The fibo extensions show first support at 5143 near the earlier low. Intraday traders can look at the levels on spot nifty to trade on 10.04.2012.
Spot Nifty levels for intra-day trade on 10 04.2012
No trade between 5216 and 5252(to avoid whipsaws)
Buy above 5252 with SL of 5232
for targets of 5260-5278(breakout level on the upside,add positions)
5296-5314-5332-5350
Sell below 5216 with SL of 5236
for targets of 5198-5170(breakdown level on downside, add positions)
5152-5134-5116-5098.
Happy Trading !
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.