Nifty opened with a gap of 20 points but could not sustain it. It made a new low of 5211.85 but recovered at the end of the day to close positive at 5243.60. The Fibo fans show the nifty still closing above the 61.8% level. On the fibo fans we are approaching a two crosses of fan lines very soon which will be interesting to watch. The Force Index Indicator has closed below the zero line and it needs to move again above this line for recovery. Also nifty should move the above the fibo fan line which has been acting as the resistance for this fall. Intraday traders can look at the levels on spot nifty to trade on 11.04.2012.
Spot Nifty levels for intra-day trade on 11.04.2012
No trade between 5225 and 5263(to avoid whipsaws)
Buy above 5263 with SL of 5243
for targets of 5281-5299(breakout level on the upside,add positions)
5317-5335-5353-5371-5389.
Sell below 5225 with SL of 5245
for targets of 5207-5189(breakdown level on downside, add positions)
5171-5153-5135-5117-5099.
Happy Trading !
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