Nifty opened with a gap today at 5254.30 made a high at 5279.60 and then gave the gains of the day to make a low at 5226.45 and closed the day at 5239.15.Its a lower close than yesterday but it made a higher high and higher low which is heartening for the bulls.The sideways trend is trying patience of the traders who look tried of the range of 250 odd points on nifty.Its a time correction with price remaining range bound.Things will again happen quick when a breakout on either side is achieved.On charts nifty is in Ichimoku clouds. Stochastics looks to be bottoming out.Force Index is still at neutral.In all no clear trend yet.Intraday traders can look at the levels on spot nifty to trade on 03.05.2012.
No trade between 5221 and 5257(To avoid whipsaw)
Buy above 5257 sl of 5237
targets 5275-5293(add positions breakout on the upside)
5311-5329-5347-5365-5379.
Sell below 5221 sl of 5241
targets 5203-5185(add positions breakout on the downside
5167-5149-5131-5113-5095.
Buy above 5257 sl of 5237
targets 5275-5293(add positions breakout on the upside)
5311-5329-5347-5365-5379.
Sell below 5221 sl of 5241
targets 5203-5185(add positions breakout on the downside
5167-5149-5131-5113-5095.
Happy Trading !
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