Nifty has moved in a smaller range for 50 points today compared to yesterdays move.It made a low of 5180.35 and high of 5232.35 to close the day at 5222.65.Till it does not make a low below 5135 we may have some chance of recovery.On charts nifty is still within the clouds of ichimoku so trend is sideways.GMMA bunch of average show the cluster of averages squeezing each other in a tight rope which when unwinded again will give us the break out.Waiting for the breakout on either side will be prudent now.Intraday traders can look at the levels on spot nifty given below to trade on 25.04.2012.
No trade between 5204 and 5241(To avoid whipsaws)
Buy above 5241 sl of 5221
targets 5259-5277(add positions breakout on the upside)
5295-5313-5333-5351-5369.
Sell below 5204 sl of 5224
targets 5186-5168(add positions breakout on the downside)
5150-5132-5114-5096-5078.
Buy above 5241 sl of 5221
targets 5259-5277(add positions breakout on the upside)
5295-5313-5333-5351-5369.
Sell below 5204 sl of 5224
targets 5186-5168(add positions breakout on the downside)
5150-5132-5114-5096-5078.
Happy Trading !
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