Nifty has respected the fibo fan for today and has reversed the fall by making a higher low and positive close at 5184.65 and 5243.15 respectively.The was volatile with nifty swinging both ways.Its a trading day with good movements on both sides giving great opportunities.Daily Chart shows the criss-cross of fibo fans both from high and low.The fibo circle shows the resistance formed on it.Nifty should cross above the inner circle to become positive ahead.The levels shown on chart will act as support,pivot and resistance for spot nifty.Intraday traders can look at levels given below on spot nifty to trade on 28.03.2012.
Spot Nifty levels for intra-day trade on 28.03.2012
No trade between 5225 and 5261(to avoid whipsaws)
Buy above 5261 with SL of 5241
for targets of 5279-5298(breakout level on the upside,add positions) 5316-5334-5352-5370-5388-5406.
Sell below 5225 with SL of 5245
for targets of 5207-5189(breakdown level on downside, add positions)5171-5153-5145-5128-5111-5093.
Happy Trading !
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