Nifty has started the week on a weak note and had a good fall.At the end of the fall we are back at square one.The range of 5200-5400 has been broken on the downside and we are heading to earlier low of 5185.40 and within striking distance of earlier low of 5135.95.On the charts nifty is still within the ichimoku clouds.Now it has come to lower end of it.If it breaks on the downside then it may accelerate the fall.If it moves again on the upside we are again sideways.Force Index is also at neutral level.Options open interest has increased the range from 5100PE maximum OI and 5400CE maximum OI by 100 points.5200PE has reduced OI by 1 lakh with 5100PE and 5000PE adding open interest.On nifty we are the bottom for the third time in 15 days which show nifty is not sustaining at higher levels.Does nifty make a new low before expiry is to be seen now..Intraday traders can look the levels on spot nifty to trade on 24.04.2012..
Spot Nifty levels for intraday trade on 24.04.2012
No trade between 5183 and 5219(To avoid whipsaws)
Buy above 5219 sl of 5199
targets 5237-5255(add positions breakout on the upside)
5283-5301-5329-5347-5365.
Sell below 5183 sl of 5203
targets 5165-5147(add positions breakout on the downside)
5129-5111-5097-5079-5061.
Happy Trading !
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