Nifty opened today with a gap of 20 points and did not close the gap but held on to this gap and moved up to make a high of 5290.60 and closed shops at 5276.85.A 50 point plus close on the spot.Nifty has moved above the fibo fan line again(not shown in chart).Its been alternating around this line and it has held yesterday's low.Force Index Indicator is at zero again.Nifty needs now to clear the fibo circle resistance where it is being resisted since 22.03.2012.Momentum can turn positive if it closes above this circle which will act as support for further move ahead.Intraday traders can look at the levels on spot nifty given below to trade on 13.04.2012.
Spot Nifty levels for intraday trade on 13.04.2012
No trade between 5259 and 5285(to avoid whipsaws)
Buy above 5285 with sl of 5265
for targets of 5303-5321(breakout level on the upside,add positions) 5339-5357-5375-5393-5411.
Sell below 5259 with sl of 5279
for targets of 5241-5223(breakout level on the downside ,add positions) 5205-5187-5169-5151-5133.
Happy Trading !
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