Nifty was in a range in morning session made a low of 5291.30 and then after trying patience went up to make a high of 5342.50 and closing the day at 5332.40.Another positive close for bulls.Nifty has strongly defended the level of 5200 and given close above the 5300 levels twice.This augers well for this trend.Now the hurdle is at 5391 which should be crossed soon to keep up the momentum on friday.If it crosses and closes above this level it will a excellent weekly for nifty.Force Index has maintained the positive territory showing positive bias for nifty.Intraday traders can look the levels given below to trade on friday.
Spot Nifty levels for intraday trade on 20.04.2012
No trade between 5314 and 5350(To avoid whipsaws)
Buy above 5350 sl of 5330
targets 5368-5386(add positions breakout on the upside)
5404-5422-5440-5458-5476.
Sell below 5314 sl of 5334
targets 5296-5278(add positions breakout on the downside)
5260-5242-5224-5206-5188.
No trade between 5314 and 5350(To avoid whipsaws)
Buy above 5350 sl of 5330
targets 5368-5386(add positions breakout on the upside)
5404-5422-5440-5458-5476.
Sell below 5314 sl of 5334
targets 5296-5278(add positions breakout on the downside)
5260-5242-5224-5206-5188.
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