Nifty View for 17.04.2012

Another dull day for nifty with it trading in a range.Nifty opened gap down at 5190.60 and soon made a low at 5183.50 and there on moved in range to make a high at 5233.50 to close day at 5226.20.This is the third time from 07.03.2012 nifty is flirting the 200 SMA line.Nifty is looking to make a bottom around this level.Above chart shows the nifty fans from important bottom and top.Nifty has found support around the 61.8% fibo fan level in past.From there on it has been resisted at 50% fibo fan level recently.The 200SMA line was earlier resistance from July 2011 and now it is acting as support.Nifty in the past has been giving false break down below the 200SMA and then reversing from there.In such circumstances one needs to watch RSI to give us some clue.The bottoms of RSI have been shown in charts matching with nifty bottom.Current RSI is moving between 40-45 levels is continously falling after making a high at 81.5 level matching the 5600 top.One needs to watch the RSI if it goes below the 30 level and comes up above it.The bottoms on nifty have been between 25-30 levels in recent past.We need patience now to be on vigil if it comes to the desired levels for another entry into the markets.Intraday traders can look at the levels on spot nifty to trade on 17.04.2012.

Spot Nifty levels for intraday trade on 17.04.2012

No trade between 5208 and 5244(to avoid whipsaws)

Buy above 5244 with sl of 5224

for targets of 5262-5280(breakout level on the upside,add positions) 

5298-5316-5334-5352-5370.

Sell below 5208 with sl of 5228

for targets of 5190-5172(breakout level on the downside ,add positions) 

5154-5136-5118-5100-5082.

Happy Trading !