Nifty View for 12.04.2012

Nifty opened gap down of 40 points at 5209.45 and made a low of 5190.80.It recovered to make a high of 5263.65 but close down at 5226.85.In all a negative close and continuing the downtrend.Nifty closed below the Fibo Fan support for the first time today.Force Index is also below the zero level which is negative.Making a high and not sustaining it is not good for the trend.We need to recover soon above the fibo fan line or we may continue further downwards.Intraday traders can look at the levels given below on spot nifty for trade on 11.04.2012.

Spot Nifty levels for intra-day trade on 12.04.2012

No trade between 5209 and 5245(to avoid whipsaws)

Buy above 5245 with SL of 5225

for targets of 5263-5281(breakout  level on the upside,add positions)

5299-5317-5335-5353-5371.

Sell below 5209 with SL of 5229

for targets of 5191-5173(breakdown level on downside, add positions)

5155-5137-5119-5101-5083.

Happy Trading !