Nifty today opened with a gap tried to keep up the momentum and closed positive for the day at 5358.50.This week being a truncated week of trading with two holidays the commitments will be on the lighter side.A weekly close above 5375-5400 levels will be a strong close for spot nifty.The daily nifty charts shows pair of displaced moving averages.The shorter pair of averages(4,9) should cross the longer pair of averages (18,14) to build momentum further for nifty.The 34 day RSI has is just turning up and is at 50 level.For the momentum to continue it should maintain itself above the 50 level with steady rise.Intraday traders can look at the levels given below on spot nifty to trade on 04.04.2012.
No trade between 5340 and 5377(to avoid whipsaws)
Buy above 5377 with SL of 5357
for targets of 5395-5413(breakout level on the upside,add positions) 5431-5449-5467-5485-5503-5521.
Sell below 5340 with SL of 5360
for targets of 5322-5304(breakdown level on downside, add positions)5286-5268-5250-5232-5214-5196.
Happy Trading !
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