Nifty April series expiry is below 5200 at 5189.Nifty has been trying to bottom out below 5200 levels and trying recover but is not able to sustain the recovery.Nifty falling again and again is near the 5186 level.So the important level to watch for May series is 5186.Above it one can be positive on nifty and below it will be negative.On charts nifty fibo fans criss-cross levels are marked which can act as support or resistance as per the move on nifty.Will nifty touch the 5050-5040 (50% level) is to be seen.Its been a time correction on nifty after the price spurt for two months in Jan and Feb 2012.Will the old saying "Sell in May and Go Away" materialise in this May is to seen.I am not bearish but like to work on levels.So 5186 will be always on my radar.Intraday traders can look at the levels on nifty future given below.
No trade between 5199 and 5235(To avoid whipsaw)
Buy above 5235 sl of 5215
targets 5253-5271(add positions breakout on the upside)
5289-5307-5325-5343-5361.
Sell below 5199 sl of 5219
targets 5181-5163(add positions breakout on the downside
5145-5127-5109-5091-5073.
Buy above 5235 sl of 5215
targets 5253-5271(add positions breakout on the upside)
5289-5307-5325-5343-5361.
Sell below 5199 sl of 5219
targets 5181-5163(add positions breakout on the downside
5145-5127-5109-5091-5073.
Happy Trading !
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