Nifty was volatile on the budget day with usual down day for budget and closed the day at 5317.90.Its a weak weekly close with weekly supports coming at 5260.Below this level of 5260 we may retrace upto 5180 level.Nifty needs a fresh look on opening next week.This close is lowest for last 4 weeks for spot nifty.Now does the market come up gain for 31st closing to prop up NAV is to be seen.Positive outlook on nifty can be above 5400 level for targets of 5500 level again.The more it spends time below 5400 level the more it will be difficult for a comeback for spot nifty.So it should cover lost ground soon if it is to bounce back.Intraday traders can look at levels given below for trade on spot nifty for 19.03.2012.
Spot Nifty levels for intra-day trade on 19.03.2012
No trade between 5300 and 5336(to avoid whipsaws)
Buy above 5336 with SL of 5316
for targets of 5354-5372(breakout level on the upside,add positions) 5390-5408-5426-5444-5462-5480.
No trade between 5300 and 5336(to avoid whipsaws)
Buy above 5336 with SL of 5316
for targets of 5354-5372(breakout level on the upside,add positions) 5390-5408-5426-5444-5462-5480.
Sell below 5300 with SL of 5320
for targets of 5282-5264(breakdown level on downside, add positions)5246-5228-5210-5192-5174- 5156.
Happy Trading ! for targets of 5282-5264(breakdown level on downside, add positions)5246-5228-5210-5192-5174- 5156.
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