Nifty made a high of 5236 and was steady in the morning but suddenly dropped to make a lower low at 5160 but recovered the day with a close above 5200 at 5202.Nifty is precariously poised at 5200 levels and not holding any recoveries which is a bother for it.On charts nifty nifty took exact supports of cloud bottom and closed in between again.So no decisive move on nifty yet.Stochastics show nifty is yet to form a bottom so we need to wait for further confirmation.Intraday traders can look at the levels on spot nifty given below to trade on 26.04.2012.
No trade between 5184 and 5221(To avoid whipsaws)
Buy above 5221 sl of 5201
targets 5239-5257(add positions breakout on the upside)
5275-5293-5313-5331-5349.
Sell below 5184 sl of 5204
targets 5166-5148(add positions breakout on the downside
5130-5112-5094-5076-5058.
Buy above 5221 sl of 5201
targets 5239-5257(add positions breakout on the upside)
5275-5293-5313-5331-5349.
Sell below 5184 sl of 5204
targets 5166-5148(add positions breakout on the downside
5130-5112-5094-5076-5058.
Happy Trading !
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