Nifty View for 16.04.2012

Nifty was again resisted at near the fibo circle and came down again.Nifty made a high of 5306.75 and came down to make a low of 5185.40 to close at 5207.45.Nifty has been flirting around the 38.2% fibo level of 5211.Sustaining below this level will make nifty to head down to the 50% fibo level of 5081 which was missed during the last fall.Till the fall of 5135.95 is held by nifty the bulls are safe and we may see some recovery.Intraday traders can look at the levels given below on spot nifty to trade on 16.04.2012.

Spot Nifty levels for intraday trade on 16.04.2012

No trade between 5189 and 5225(to avoid whipsaws)

Buy above 5225 with sl of 5205

for targets of 5243-5261(breakout level on the upside,add positions) 

5279-5297-5315-5333-5351.

Sell below 5189 with sl of 5209

for targets of 5171-5153(breakout level on the downside ,add positions) 

5135-5117-5099-5081-5063.

Happy Trading !