Nifty is not trending at all one day and one day down keeping us guessing.The option premia tells us the story with 5300pe and 5300ce both below 50.Still there is high open interest in 5200pe and 5400ce which restricts the band for nifty.Any unwinding either of them may lead to breakout.On chart the fibo fans crossover shows the resistance.Also the 40-60 band of RSI depicts the lack of trend.Intraday traders can look at the spot levels given below to trade on 23.04.2012.
Spot Nifty levels for intraday trade on 23.04.2012
No trade between 5273 and 5309(To avoid whipsaws)
Buy above 5309 sl of 5289
targets 5327-5345(add positions breakout on the upside)
5363-5381-5400-5418-5436.
Sell below 5273 sl of 5293
targets 5255-5237(add positions breakout on the downside)
5219-5201-5183-5165-5148.
Happy Trading !
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